Dogecoin price falls 5% after Musk says no plans for U.S. government to use it
DOGE department has already contributed to an estimated $130 billion in savings
Elon Musk shut down rumors suggesting that Dogecoin could be used by the U.S. government. Speaking at the America Pack Town Hall in Green Bay, Wisconsin, Musk clarified, “There are no plans for the government to use Dogecoin or anything.”
According to Coinpedia, Dogecoin fell by more than 5%, trading at $0.1627, as broader crypto market sentiment also remained bearish. Bitcoin struggled to hold above $82,000, dragging most major altcoins lower.
Key takeaways
- Musk confirms Dogecoin won’t be adopted by U.S. government.
- DOGE price slips 5%: The token reacted negatively but remained above key support around $0.15.
- DOGE still 65% below all-time high: Current support levels could offer a foundation for a future rebound.
Musk quells rumors at public event
During his speech, Musk added that he originally wanted to call his proposed agency the “Government Efficiency Commission,” but found the name too dull. The internet suggested “Department of Government Efficiency (DOGE)”—a playful acronym echoing the meme coin—but Musk said it’s purely coincidental. “The internet is right,” he quipped, “but there’s no plan to actually use Dogecoin.”
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It's also worth noting that Musk recently compared all memcoins to casinos.
At the same time, according to Musk, the agency has already contributed to an estimated $130 billion in savings, averaging around $840 per taxpayer. Its goal is to enhance transparency, eliminate wasteful spending, and ensure more efficient use of federal resources.
Dogecoin faces broader market headwinds
The decline in Dogecoin’s price follows a similar trajectory seen across the digital asset space. Bitcoin is struggling to maintain momentum above $82K, and altcoins are testing support levels amid weakening investor sentiment.
While DOGE is currently down 65% from its $0.73 all-time high, some analysts believe it could repeat historical recovery patterns, especially if the broader market stabilizes. For now, the $0.15 zone remains a critical level for bullish traders to watch.
DOGE price analysis (March 2025) Source: TradingView.
Although Elon Musk continues to wield influence over Dogecoin, his latest remarks serve more as a clarification than a shift in policy or vision. With markets still under pressure, Dogecoin’s short-term outlook will largely depend on macro sentiment and broader crypto momentum.
In addition, we reported that Elon Musk's 'DOGE' team granted access to SEC systems.
