Elon Musk destroys Dogecoin in one phrase!

The billionaire Elon Musk’s favorite crypto wavers after a statement as brief as it is devastating. In a few words, Musk has rekindled doubts

Elon Musk, the billionaire known for his ventures in electric vehicles with Tesla and space exploration with SpaceX, has become a prominent figure in the cryptocurrency domain, particularly with his involvement in Dogecoin.

During a Space on X, formerly Twitter, Elon Musk responded to a user's question about the U.S. government's plans to adopt Dogecoin for a universal basic income initiative.

In a few words, Musk dispelled the rumor, stating, "The U.S. govt has no plan to adopt Dogecoin, nor is there any proposal for a U.S. minivac program."

This brief statement from the billionaire has sparked reactions in the crypto market. In the hour following Musk's post, which was around 6 p.m. Paris time, the price of Dogecoin dropped from $0.161 to around $0.156, marking a decrease of about 3%.

In contrast, bitcoin and ethereum remained relatively stable during the same period, with minor fluctuations of less than 1%. This sensitivity of DOGE is no surprise, considering the significant impact his public statements tend to have.

Furthermore, some crypto analysts had speculated about the possibility of widespread adoption of Dogecoin, given Elon Musk's ties with certain political spheres. However, his announcement seems to cool those hopes.

While Dogecoin is not planned for use by the United States in the near future, it continues to be popular among crypto enthusiasts. The community remains active, and projects around its use are still emerging.

To gain more credibility, the crypto will need to emancipate itself from the shadow of Elon Musk and integrate into the broader financial system.

Elon Musk's statements, like those of former President Donald Trump, tend to cause concern in the markets. Dogecoin, like other cryptos, remains extremely sensitive to political and economic news.

For investors, remaining cautious and responsive is crucial in this ever-evolving and unpredictable ecosystem.

In other news, a recent report by the Federal Reserve Bank of San Francisco has suggested that a universal basic income program in the United States could reduce poverty and inequality.

The report, titled "A Universal Basic Income Program for the United States: Economic, Political, and Administrative Feasibility," examined the pros and cons of such a program and found that it could be implemented with minimal administrative burden and at modest cost.

The researchers who conducted the study believe that a universal basic income program could be funded by a small payroll tax and would provide monthly payments of $1,000 to all adult residents of the United States.

The program would aim to reduce poverty and inequality, which have become pressing issues in the U.S., and it could be implemented quickly with minimal administrative fuss.

The report also noted that a universal basic income program would provide a safety net for workers who are displaced by technological unemployment or other economic shocks.

The study's findings provide valuable insights into the feasibility and potential impact of a universal basic income program in the United States. As the country grapples with income inequality and poverty, this research suggests a policy solution that could be both efficient and effective in addressing these critical issues.output: Elon Musk, the billionaire entrepreneur known for his ventures in electric vehicles with Tesla and space exploration with SpaceX, has become a prominent figure in the cryptocurrency domain, particularly with his involvement in Dogecoin.

During a Space on X, formerly Twitter, Elon Musk responded to a user's question about the U.S. government's plans to adopt Dogecoin for a universal basic income initiative.

In a few words, Musk dispelled the rumor, stating, "The U.S. govt has no plan to adopt Dogecoin, nor is there any proposal for a U.S. minivac program."

This brief statement from the billionaire has sparked reactions in the crypto market. In the hour following Musk's post, which was around 6 p.m. Paris time, the price of Dogecoin dropped from $0.161 to around $0.156, marking a decrease of about 3%.

In contrast, bitcoin and ethereum remained relatively stable during the same period, with minor fluctuations of less than 1%. This sensitivity of DOGE is no surprise, considering the significant impact his public statements tend to have.

Furthermore, some crypto analysts had speculated about the possibility of widespread adoption of Dogecoin, given Elon Musk's ties with certain political spheres. However, his announcement seems to cool those hopes.

While Dogecoin will not be used by the United States in the near future, it continues to be popular among crypto enthusiasts. The community remains active, and projects around its use are still emerging.

To gain more credibility, the crypto will need to emancipate itself from the shadow of Elon Musk and integrate into the broader financial system.

Elon Musk's statements, like those of former President Donald Trump, tend to cause concern in the markets. Dogecoin, like other cryptos, remains extremely sensitive to political and economic news.

For investors, remaining cautious and responsive is crucial