Recently, the cryptocurrency world was shaken by a piece of news—Musk suddenly publicly distanced himself from Dogecoin, causing this 'internet celebrity coin' to plummet in price. This all started with the newly established 'Government Efficiency Department' under the Trump administration, which unexpectedly shared an acronym with Dogecoin, becoming the catalyst for turbulence in the crypto market.
On March 31, Dogecoin suddenly dropped 4%, wiping out all the gains from the previous week. Just when investors were puzzled, Musk made a bold statement at a city council meeting in Wisconsin: 'The Trump team has no intention of using Dogecoin!' As soon as this was said, Dogecoin holders panicked. It turns out that the newly established government agency's English abbreviation also happens to be D.O.G.E., colliding with Dogecoin's code DOGE, leading to a major mix-up.
"When the name was chosen, netizens jokingly suggested calling it 'Government Efficiency Department', I thought it sounded better than the original 'Committee' and went with it." When Musk revealed the interesting story behind the department's naming on-site, he didn't forget to add a jab: 'But digital currency has nothing to do with us.' This statement seems casual, but actually hides secrets—it's worth noting that in February this year, the Dogecoin official website suddenly changed to the iconic Shiba Inu avatar, which dramatically increased the coin's price by 14%. Looking back now, it seems like a smoke bomb laid out by the market maker in advance.
Speaking of Musk and Dogecoin's complicated relationship, it's like a continuous drama in the cryptocurrency circle. Last year, he was targeted by the SEC for promoting Dogecoin, and this year he's facing a lawsuit for market manipulation. However, this time old Musk has become more cunning, leaving room for interpretation: 'At least the government doesn't have this plan now,' which both clarifies his relationship and leaves space for future imagination.
While the coin price is falling here, the Trump administration's 'downsizing plan' is gaining momentum over there. The newly established D.O.G.E. department is making drastic cuts to climate research, social equity, and other projects, with established agencies like the U.S. Agency for International Development being slashed to pieces. Although the White House insists Musk is just a 'senior advisor', the wise one insists on publicly elevating him to the department's spokesperson, leaving the old crypto veterans scratching their heads.
Currently, the most anxious are the Dogecoin holders, watching as Musk transforms from 'Dogecoin Godfather' to 'Official Fraud Fighter', suddenly making the coins they hold less appealing. Some analysts bluntly stated: 'This operation is more damaging than directly calling for a buy, it's equivalent to giving Dogecoin an 'official certification' as an air asset.' However, some die-hard fans are encouraging in the community: 'Back then, when Musk smoked marijuana on a show, it didn't ruin Tesla; maybe this time it's another reverse operation?'
Investors watching their wallets shrink are most eager to ask: Is Musk's move a genuine cut-off, or is it paving the way for future actions? After all, in the cryptocurrency world, the words of a big shot can be deceptive.
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