Dogecoin Excluded from Elon Musk’s Department of Government Efficiency
During a town hall meeting on March 30, Elon Musk announced that Dogecoin will not be used by the newly formed Department of Government Efficiency (D.O.G.E). He stated there are no plans for government use of Dogecoin.
Musk created the D.O.G.E department to enhance government efficiency by 15%, despite speculations linking its name to Dogecoin.
Dogecoin Price Under Selling Pressure
- Dogecoin price dropped 5.83% in 24 hours, reaching support at $0.1615.
- Daily trading volume rose 4.5% to over $1.03 billion.
- DOGE futures open interest decreased by 7.31% to $1.55 billion.
- Despite selling pressure, DOGE remains above the lower boundary of its trading channel, indicating potential upward movement if demand increases.
Elon Musk’s DOGE Initiatives
- The D.O.G.E department has implemented significant cost-cutting measures, resulting in mass layoffs across multiple US agencies.
- Musk questioned the Federal Reserve's employment of 20,000 people during his address.
- Despite recent controversies and lawsuits related to layoffs, the department claims to have saved the US government $130 billion, equating to about $807 per taxpayer.