Elon Musk Clears Up Dogecoin Confusion: No Government Role for Cryptocurrency

Dogecoin saw a drop of approximately 6% in value following Elon Musk’s clarification that the cryptocurrency is not involved with the U.S. government’s Department of Government Efficiency (D.O.G.E.). This comes after growing speculation fueled by D.O.G.E.’s launch, leading to confusion about the acronym’s connection to the digital asset.