Dogecoin has weathered the disappointing development from the Wisconsin rally, where Elon Musk revealed that DOGE has no intention of adopting the meme coin.
The Dogecoin community has had high hopes since the Department of Government Efficiency (D.O.G.E.) launch on January 20. Although Donald Trump created the government parastatal for an entirely different purpose unrelated to cryptocurrencies, certain details of the organization had enthusiasts of the Shiba Inu mascot-themed token drolling.
First, the agency took its name after Dogecoin, a development that sparked bullish sentiments around the token’s ecosystem. Furthermore, the US efficiency department has its head as Elon Musk, a long-term DOGE admirer.
Musk Says Mere Coincidence
However, Musk came out on Sunday to dismiss speculations that the D.O.G.E. will adopt Dogecoin. He vehemently debunked the claims, noting that the government does not intend to use Dogecoin or any other cryptocurrency.
Additionally, he insinuated that their identical names were a mere coincidence. Revealing that he intended to name the agency the Department of Government Commission, he noted that the internet chose the D.O.G.E. instead.
Notably, Musk fueled this optimism at some point, with the parastatal showcasing the Dogecoin mascot on its website in February. Meanwhile, Dogecoin has weathered the recent setback, with its recent price action suggesting so.
Dogecoin’s Price Action After Elon Musk’s Comments
Although the Sunday comment came at what enthusiasts would perceive as the worst possible time, DOGE has shown resilience. After a rejection at the crucial $0.21 resistance on Wednesday, the asset was on a downward spiral when Musk distanced the agency from the meme coin.
However, Dogecoin closed the day with a meager 1.12% correction. The subsequent day, DOGE rebounded from an intraday low of $0.1595, setting the precedence for its bullish momentum today.
In the past 24 hours, the meme coin has appreciated over 4% amid a broader market recovery. At the time of writing, Dogecoin trades at $0.1738, recovering all the losses incurred since Musk’s comments.
Nonetheless, analysis suggests further upsides for Dogecoin after successfully holding the crucial $0.16 support, with targets like $2.28 and $7 on the radar.
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