Active participation in D.O.G.E. work has led to a collapse of investor confidence in Tesla, prompting Musk to personally commit to gradually shifting focus back. Dogecoin has also struggled to gain traction due to the lack of support from Musk and Trump, resulting in poor price performance. Now Musk has added that Dogecoin is not part of the US government's usage plan, leaving Dogecoin HODLERS uncertain about their next steps. Detailed content is in this week's Crypto Weekly Report.
Dogecoin soared following Trump's election, reaching a fourfold increase and coming within a step of its previous high. However, market attention shifted to Bitcoin and other currencies, causing Dogecoin to experience a waterfall-like crash, almost reverting to its former state. Initially, there was hope that Trump would perform a miraculous rescue alongside Musk to boost prices. However, what emerged was Musk gradually stepping away from D.O.G.E. work, returning to his original business, and revealing that Dogecoin was never part of the US government's usage plan. Consequently, the market price of Dogecoin plummeted back to its low from six months ago.
At a recent political event, Musk specifically distanced the federal 'Department of Government Efficiency' from Dogecoin, stating: 'As far as I know, the (US) government has no plans to use Dogecoin. The name may be similar, but it's purely coincidental. We really just want to increase government efficiency by 15%. The name actually came from suggestions online. I initially wanted to call it the 'Government Efficiency Commission,' but that name was too boring. Then someone suggested 'Department of Government Efficiency,' and I thought, the internet was right.'
Since being elected president, Trump has only focused on major tokens, and even his own $TRUMP meme coin has received more attention. Dogecoin has been completely neglected, as if it were a relic from the last century. Back then, Dogecoin often dominated headlines, but recently there has been little major news about it. However, there is no need for concern. Historically, Musk has had a love-hate relationship with Dogecoin, from proclaiming it his favorite cryptocurrency in 2019 to calling it a scam on Saturday Night Live in 2021. In 2023, he changed the X avatar to a Dogecoin symbol, and now he casually describes Dogecoin as merely the same name as the Department of Government Efficiency. This may all be part of Musk's strategy. The current price is low, making it a great time to buy Dogecoin. Why? I'll tell you next.
In 2025, X announced the upcoming launch of the payment service X Money, which is a key step for Musk in transforming X into an 'All-in-one' platform. Based on currently available information, it will include digital wallets, instant transfers, QR code payments, and features with Visa. It is expected that more in-depth integrated systems will be released soon. Enthusiastic netizens have discovered code for DOGECOIN on the Cybertruck page through front-end code queries. Practically, if X Money officially supports financial services, X can test the feasibility of payment services and optimize and expand based on market response. Regulation will become a topic of speculation, and whether X Money can overcome regulatory hurdles may also become a market focus, attracting capital to speculate on $Doge, which is one of the universal methods for cross-border payments.
Moreover, besides Grayscale launching a Dogecoin trust fund this year, seen as a key step for $Doge's transformation from meme to institutional investment, several major asset management companies, including Bitwise, Grayscale, 21Shares, and Osprey Fund, have submitted applications to the US Securities and Exchange Commission (SEC) to launch a 'Dogecoin Spot ETF.' If approved, this would be among the first ETFs centered on meme coins. Hence, the Dogecoin community is closely monitoring the SEC's review progress.
According to documents, Grayscale's application is expected to have preliminary results around May 21, while Bitwise's application may receive a response by May 18. However, the SEC has the authority to postpone its final decision for up to 240 days, meaning the final results of these applications may not be known until October. Cryptocurrency bettors on the market prediction platform Polymarket believe the chances of these products being approved this year exceed 55%, indicating a certain level of optimism about Dogecoin entering the mainstream financial market.
What we want to tell you is that Musk's return to Tesla has always been part of the plan. Once the news broke, Dogecoin saw a significant price increase, indicating that Dogecoin HODLERS are aware that D.O.G.E. is just a short-term fix. To expand Dogecoin's usage, Musk must be brought back into the right position. In the near future, there will definitely be many significant positive news regarding Dogecoin, at which point a price surge will be inevitable. The price is currently at a low point, so if you hold on, this year you will definitely see Dogecoin bring miracles again. If not now, when?
Alright, that wraps up this week's Crypto Weekly Report. Doesn't time fly? If you want to stay updated with the latest news, feel free to join our free DC group to receive updates on everything in the crypto space. I'm Brother J, see you next time in the Crypto Weekly Report!
#DOGE #狗狗币 #Trump #比特幣 @Doge Coin $BTC $DOGE
The above statements do not constitute investment advice. The cryptocurrency market is highly risky; please consider your own capacity to bear risk before making any decisions about participation!