DOGE memecoin crashes after Elon Musk rules out use in US government

• Musk's statement brings down Dogecoin.
• No use by the US government.
• DOGE is falling today.

The cryptocurrency Dogecoin (DOGE), the largest memecoin on the market, has seen a significant drop in its price after billionaire and US government official Elon Musk recently stated that there are no plans for the currency to be used by the US government. Musk is a cryptocurrency enthusiast and has repeatedly shared posts in support of Dogecoin, boosting the memecoin’s prices.

The statement, shared in a video from Reuters, frustrated the expectations of investors and market enthusiasts, who speculated about the possible adoption of the DOGE memecoin in government activities, driven by the coincidence of the asset's acronym with the Department of Government Efficiency (DOGE), of which Musk is a member.

During a rally in Wisconsin, Musk cleared up speculation about whether Dogecoin would be used by the US government. He stated:

“Well, the names are similar, but they’re doing two very different things. So I was actually going to call it the Government Efficiency Commission, but that’s a super boring name. Then the internet said no, it needs to be called the Department of Government Efficiency. I was like, well, the internet is right. So we changed the name from the Government Efficiency Commission to the Department of Government Efficiency, but there are no plans for the government to use Dogecoin or anything, as far as I know,” Musk said.

With the recent statement, the volatility seen in DOGE with movements and comments from Elon Musk has manifested itself again. The billionaire's statement surprised many market investors, who believed in the rumors about a potential adoption of DOGE by the US government.

At the time of publication, Dogecoin’s price was trading at $0,1656, down 1.8% over the past 24 hours. In seven days, the meme coin’s price has seen a 7.4% drop. Dogecoin (DOGE) trading volume was $1.300.815.261 in the past 24 hours, representing a 49,40% increase from a day ago and signaling a recent surge in market activity.