**Summary**
– Elon Musk has denied rumors and speculations that the Department of Government Efficiency (D.O.G.E.), led by him, would utilize Dogecoin.
– Despite this statement possibly impacting Dogecoin negatively, technical indicators suggest potential gains ahead.
**No DOGE to Be Used**
During Trump’s presidential campaign, Elon Musk was part of a promise to create a government department aimed at reducing federal spending by $1 trillion. The department’s name, Department of Government Efficiency (D.O.G.E.), created excitement among Dogecoin enthusiasts, leading to speculation that the meme coin might be used due to the name resemblance. This speculation intensified when Dogecoin’s logo appeared on the D.O.G.E. website after Trump’s inauguration, causing Dogecoin prices to soar. However, Dogecoin’s price has since plummeted by over 60% from its peak. Musk refuted the rumors of using Dogecoin during a Town Hall meeting in Wisconsin, stating, “They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient.”
**The End or Not?**
Although Musk’s statement could hinder Dogecoin’s bullish prospects, positive technical signals are emerging. Analyst Ali Martinez pointed out a buy signal on the weekly chart, suggesting that if Dogecoin remains above a certain channel boundary, it might see another rise.
#Dogecoin continues to hold above the lower boundary of this channel, and an increase in demand might trigger a rally toward higher levels.
Additionally, Ali, who has over 130,000 followers on X, noted that Dogecoin could experience significant volatility in the coming weeks as anxiety builds among holders.
