The price of Dogecoin (DOGE) has dropped over 5% as its former advocate and meme connoisseur Elon Musk said that the U.S. Government has no plans to use Dogecoin in any kind of operations with the Department of Government Efficiency.
While Dogecoin (DOGE) investors were expecting its price to surge past its past week gains, their hopes turned into disappointment as Elon Musk states that the federal government has no plans to use DOGE officially.
While speaking at a town hall in Wisconsin, Musk effectively quashed speculation that the Department of Government Efficiency (D.O.G.E.) would not integrate Dogecoin into any government dealings. This move caused DOGE’s price to fumble with it falling over 5.3% in hours.
“There are no plans for the government to use Dogecoin for anything as far as I know,” Musk said, addressing rumors that the Trump administration’s newly formed efficiency department (D.O.G.E.) might adopt the cryptocurrency.
At the time of writing, DOGE is trading near $0.1658 while it dipped as low as $0.1605 from the daily high of $0.1695 in the daily timeframe.
The rumors of Dogecoin’s potential government adoption were fueled by an incident in February when the official D.O.G.E. website displayed the the iconic Shiba Inu logo same as that of Dogecoin. This move sparked excitement among investors with many believing it to be a sign of a connection between the government agency and Dogecoin.
Additionally, Musk has previously hinted at the potential use of blockchain technology in governmental operations, even suggesting that the U.S. Treasury could process transactions on a blockchain.
However, Musk made it clear over the weekend that there is no link between Dogecoin and the Department of Government Efficiency.
“The names are similar, but they’re doing two very different things,” he clarified, dashing hopes that Dogecoin would play a role in the federal agency’s operations.
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