Elon Musk Has Cleared the Air About Rumors Surrounding Dogecoin's Potential Inclusion

Elon Musk has cleared the air about rumors surrounding Dogecoin's potential inclusion in the U.S. Department of Government Efficiency (DOGE).

Elon Musk, the tech billionaire and founder of SpaceX and Tesla, has quashed rumors that the U.S. Department of Government Efficiency (DOGE) will be including Dogecoin (CRYPTO: DOGE) in its operations.

During a lively speech at the America Pack Town Hall in Green Bay, Wisconsin, Musk clarified that the department, which he devised to optimize taxpayer money, has no plans to use Dogecoin.

"There are no plans for the government to use dogecoin or anything. The internet said it needs to be the Department of Government Efficiency and I was like, 'the Internet is right,'” Musk stated.

Originally intending to name the agency the Government Efficiency Commission, Musk found the title too bleak.

“I was going to call it Government Efficiency Commission, but that’s a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like Internet is right,” he said.

The Department of Government Efficiency, a playful take on Musk’s online persona, aims to save taxpayer money. Since its formal start in January, the department has reportedly saved an estimated $130 billion, averaging around $840 in savings per taxpayer.

The rumors surrounding Dogecoin's inclusion in the department's activities appear to stem from a playful suggestion by Musk earlier this year. As the cryptocurrency community rallied behind the idea, the rumors began circulating.

Dogecoin price has dropped more than 5% in the past 24 hours. However, this decline isn't solely due to Elon Musk's recent statement. The overall market sentiment remains negative, with Bitcoin (CRYPTO: BTC) struggling to hold above $82K. Most of the top 10 altcoins are also down, testing key support levels.

So, what's next for Dogecoin?

Dogecoin is currently holding support around $0.15. Despite the recent price drop, Dogecoin is managing to stay above some critical support zones.

Currently, Dogecoin is down about 65% from its highs, which suggests that if history repeats, a similar rebound could be on the horizon. Its all-time high is $0.73, and if it follows the same pattern, it could reach that again—or even higher.

Resistance levels to watch are around $0.19 and $0.23. If Dogecoin breaks through this range, it could push toward $0.30.