Elon Musk cleared up Dogecoin’s (DOGE) role in the Department Of Government Efficiency (D.O.G.E), the new branch of cost-effectiveness that’s been established after Donald Trump’s return to the White House.
Why DOGE Army Lashed Out On Musk
Last weekend, tech mogul and Dogecoin (DOGE) patriot Elon Musk was asked if the top dog meme coin will be implemented in any governmental structures. “There are no plans for the government to use Dogecoin, as far as I know”, – exclaims Musk, adding that “they happen to be very similar names, but they are two very different things, we’re literally just trying to make the government 15% more efficient”.
Denying any relation to the original meme coin in this conference, the explanation from Elon Musk received mixed reactions on X, previously known as Twitter. For instance, crypto enthusiast Alpha Doge was humbled that Dogecoin remained separate from the United States government, as “decentralization wouldn’t be possible if that was the case”.
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However, there was a group of infuriated DOGE Army members who were much more harsh: “Elon betrayed the DogeCoin community. Simple as that!”, proclaimed one Dogecoin (DOGE) activist, while others simply questioned if Elon Musk can fix the issue of the government not actually using Dogecoin’s Proof of Work blockchain.
Dogecoin’s Next Move: Bounce Or Flop?
Lately, Dogecoin’s (DOGE) price was pushed back below $0.20 by the crypto bears, trashing several significant support levels along the way. With a 9% downswing over the past 7 days, the top dog coin will have to lick its wounds after a month-long downward spiral, crunching up 17% of the price of DOGE.
On a brighter note, the mainstream meme coin’s technical setup doesn’t scream about a full-on bear takeover – quite the opposite. Judging by Trader Tardigrade’s 4-hour Dogecoin (DOGE) price chart analysis, a falling wedge pattern suggests that Dogecoin could use the $0.16 – $0.165 as bounce back floor.
Aside from the falling wedge pattern, which is used to determine the ending of the downward price trend, another positive change underlies the Relative Strength Index (RSI). As already mentioned by Trader Tardigrade, the oversold condition hints at a possible rebound rally.
Upon further research by DailyCoin, it was established that this metric hovers between 36 and 30 on Dogecoin’s 4-hour price charts, confirming the trader’s observations. As of press time, the dog-embossed crypto is changing hands at $0.167, being the only meme coin out of the niche to generate over $1 billion in daily Spot trading volume, according to CoinGecko.
On The Flipside
- A substantial drop below $0.16 for Dogecoin (DOGE) would invalidate the falling wedge pattern, potentially sparking a freefall to $0.10 before any rebound efforts could be made.
Why This Matters
Elon Musk’s remarks could signal a shift in purpose for Dogecoin, which was originally started as a satirical coin and gathered a meme-loving community throughout the years.
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