Elon Musk confirmed that the U.S. government has no plans to adopt Dogecoin.
Dogecoin is trading at $0.1631, down 3.84%, with a market cap of $24.25 billion.
Elon Musk Denies U.S. Government Plans to Use Dogecoin (DOGE), DOGE Faces Key Price Levels
Elon Musk has clarified that the U.S. government has no plans to use Dogecoin. He addressed speculation linking the meme cryptocurrency to the Department of Government Efficiency (DOGE) initiative. Speaking at an America PAC town hall in Wisconsin, Musk stated, “There are no plans for the government to use Dogecoin or anything, as far as I know.”
Musk revealed that the department was initially set to be called the “Government Efficiency Commission.” However, he changed it after public input. “I was going to call it the Government Efficiency Commission, but that’s a super boring name,” he explained. The initiative aims to improve operational efficiency by 15%, focusing on reducing waste and fraud in federal spending.
Musk’s leadership in the initiative has led to layoffs of federal employees and the elimination of excess government expenses. One of DOGE’s key targets was the reduction of federal credit cards, with 4.6 million issued despite only 2.3 to 2.4 million government employees.
Dogecoin (DOGE) in Today’s Market
Dogecoin Price and Market Analysis
Dogecoin is currently trading at $0.1631, down 3.84% in the last 24 hours. The market cap stands at $24.25 billion, reflecting a 3.85% decline. However, trading volume surged 26.34%, reaching $1.1 billion in the last 24 hours. DOGE’s total supply is 148.65 billion, with a fully diluted valuation (FDV) of $24.24 billion.
The market cap ratio is 4.56%, indicating strong trading activity.
Technical Analysis: Resistance, Support, and Future Price Trends
Dogecoin faces key resistance at $0.1720. If DOGE breaks above this level, it could rally toward $0.1850. On the downside, the immediate support level is $0.1580.
A drop below this support could push DOGE toward $0.1450. The Relative Strength Index (RSI) is currently at 51.3, indicating neutral momentum. The RSI average suggests DOGE is neither overbought nor oversold. The Chaikin Money Flow (CMF) is showing slight accumulation, suggesting buyers are returning.
The moving average (MA) crossovers indicate mixed signals. The 50-day MA is acting as dynamic support, while the 200-day MA remains a resistance level. A golden crossover could signal bullish momentum, while a death crossover might trigger further declines.
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