Dogecoin Plunges After Musk’s Downplaying of US Adoption Plans

Elon Musk’s enthusiastic support for Dogecoin has spurred significant price fluctuations. However, a recent statement by the entrepreneur has dampened enthusiasm and triggered a decline in the cryptocurrency’s value. 2021 saw Musk become an ardent promoter of the meme coin, but his latest remark regarding US government plans for Dogecoin has raised concerns about its long-term prospects. Analysts point to Musk’s strong political connections as a potential factor driving speculation surrounding the digital currency’s adoption by governments. This recent statement seems to put those hopes on hold and fueled the price drop.