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Is This the Final Chapter for Dogecoin’s Bull Run? Assessing Musk’s Recent Comments

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TL;DR

  • Despite the rumors and speculations that the Musk-led D.O.G.E. might use the meme coin, the billionaire refuted the claims on Sunday evening.
  • While such a statement by Doge’s most famous proponent could hurt the asset, certain technical aspects indicate that there could be some gains around the corner.

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No DOGE to Be Used

During Trump’s presidential campaign last year, one of the groundbreaking promises made by him and people close to him, in this case Elon Musk, was the creation of a government department that would ‘identify and eliminate wasteful government spending, aiming to reduce federal expenditures by $1 trillion.’

Its name, Department of Government Efficiency (D.O.G.E.), and Musk’s leadership role led to immense excitement in the meme coin community. Moreover, people started speculating that Dogecoin would eventually be used in some form and that it would benefit from the name resemblance.

The rumors were fueled by the addition of the meme coin’s logo to the D.O.G.E. website just a day after Trump’s inauguration. All of this hype resulted in a massive rally for Dogecoin, as its price skyrocketed from $0.14 ahead of the elections to a multi-year peak of $0.48 a month later.

However, DOGE has failed to maintain its run and has dropped by over 60% since the January peak of $0.42, as it now struggles at $0.163.

What could be even worse for DOGE’s upcoming price movements is the fact that Musk refuted the aforementioned rumors on Sunday. Speaking in a Town Hall meeting in Wisconsin, the Tesla CEO sakė . the government has no plans to use DOGE in any form.

“They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient.”

The End or Not?

Musk’s statement could be regarded as a big blow to Dogecoin’s bull run aspirations, especially since the asset is far from this cycle’s peak. However, there are certain positive signs on the technical side of things, as laid out by Ali Martinez.

The analyst noted that the TD Sequential has posted a buy signal on the weekly chart and added that as long as DOGE’s price remains above the lower boundary of the channel posted below, it could reignite another surge.

The analyst with over 130,000 X followers also informuotas that DOGE is primed to experience substantial volatility in the following weeks as ‘anxiety is building among Dogecoin holders.’

Pranešimas Is This the Final Chapter for Dogecoin’s Bull Run? Assessing Musk’s Recent Comments appeared first on CryptoPotato.

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