Is Dogecoin hype dead? Elon Musk says DOGE not in US plans

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Dogecoin slipped nearly 10% in the past week as crypto traders digest Elon Musk’s statement.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Dogecoin traders were shocked by Elon Musk’s announcement that the United States (US) government had no plans for DOGE. When the Tesla boss named the department he leads as the Department of Government Efficiency, it raised hopes among DOGE holders. Musk is known for his affinity for Dogecoin and has faced legal trouble for endorsing the token and making statements that drive DOGE price higher. However, his recent statement makes it clear that the meme coin has no place in the federal government’s plans.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

As far as the acronym and the department name are concerned, Musk explained the process that led to the name and how it had no relationship with Dogecoin and its use in the federal government’s transactions. The sentiment among Dogecoin traders is 69, on a scale of 0 to 100. The DOGE price could recover in the short term, even as the hype around the meme coin dies down.