Elon Musk has cleared the air on rumors surrounding the potential inclusion of Dogecoin in the American department of government efficiency (DOGE). During a speech at the town hall of America Pack in Green Bay, Wisconsin, he said: “It is not planned for the government to use Dogecoin or anything.”
Musk explained that he was originally planning to appoint the government’s agency of the government’s efficiency, but that he found it too dull. “I was going to call it the government’s efficiency committee, but it is a super boring name. Then the Internet said that it should be the government’s ministry of efficiency. I was feeling that the Internet was right,” he added.
The Government Ministry of Efficiency aims to optimize taxpayers’ money, having saved around $ 130 billion since its official departure in January, with an average economy of $ 840 per taxpayer.
Dogecoin has dropped more than 5% in the last 24 hours. However, this drop is not only due to the recent declaration by Elon Musk. The overall feeling of the market remains negative, Bitcoin is struggling to maintain more than $ 82,000. Most of the first 10 altcoins are also decreasing, testing key support levels. So what is the next step for Dogecoin?
What is the next step for the price of Dogecoin?
Dogecoin currently has support of around $ 0.15. Despite the recent drop in prices, Dogecoin manages to stay above certain critical support areas.
Currently, Dogecoin is down approximately 65% of its peaks, which suggests that if history is repeated, a similar rebound could be on the horizon. Its summit of all time is $ 0.73, and if it follows the same diagram, it could get there again – or even more.
The levels of resistance to monitor are about $ 0.19 and $ 0.23. If Dogecoin crosses this range, it could push around $ 0.30.