DOGECOIN DROPS OVER 4% AFTER ELON DENIES U.S. GOVERNMENT ADOPTION RUMORS

Dogecoin (DOGE) experienced a decline of over 4% following Elon’s clarification that the U.S. government has no plans to adopt the cryptocurrency.

Speaking at a town hall in Green Bay, Wisconsin, Elon addressed speculation linking Dogecoin to the Department of Government Efficiency (D.O.G.E.), stating.

Elon:

“There are no plans for the government to use Dogecoin or anything, as far as I know.”

This statement comes after previous excitement within the crypto community, where the D.O.G.E. initiative’s name led to assumptions about potential government integration of Dogecoin.

The clarification has tempered market enthusiasm, contributing to the recent price dip.

Source: @cointelegraph