Elon Musk Quashes Speculation That the Government Will Adopt Dogecoin [DOGE]

Elon Musk's influence on Dogecoin [DOGE] is no secret- one tweet from the billionaire, and the memecoin's value can skyrocket or even plummet in minutes.

Elon Musk has poured cold water on speculation that the government is planning to adopt Dogecoin (DOGE).

The billionaire, who is known for his fondness for the memecoin and President Donald Trump, was speaking at an America PAC town hall in Green Bay, Wisconsin.

What Happened: When asked by an audience member about the government’s plans to use Dogecoin, Musk responded in the negative.

“As far as I know, there are no plans for the government to be using Dogecoin or anything like that,” said Musk.

The question likely arose due to the new Department of Government Efficiency, which is part of Musk’s broader agenda to improve government operations by 15%.

However, the department’s official acronym is also being used to tease the crypto asset, which ties into the speculation.

The initiative was originally going to be called the “Government Efficiency Commission.” But, to avoid a “super boring name,” they decided to go with the Department of Government Efficiency, or DOGE.

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Why It’s Important: Musk’s influence on Dogecoin is well-documented, with the billionaire’s actions often leading to significant swings in the memecoin’s value.

For instance, in December 2020, a tweet from Musk stating “One Word: Doge” sparked a 20% surge in Dogecoin’s price.

Later, in April 2021, an announcement from SpaceX that they would be putting “a literal Dogecoin on Mars” propelled the memecoin to an all-time high of $0.73.

However, not all Musk-related events have been bullish for Dogecoin. During his Saturday Night Live appearance in May 2021, the billionaire made a joke about Dogecoin being a hustle, leading to a 30% drop in the memecoin’s value.

Despite this, Musk’s support for Dogecoin has remained evident, as evidenced by Tesla’s (NASDAQ:TSLA) decision to begin accepting Dogecoin for select merchandise in January 2022.

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Dogecoin Price Action: Dogecoin is currently down around 5% in the 24-hour trading period.