- Dogecoin dropped significantly after Elon Musk clarified that the U.S. government has no plans to adopt DOGE, extending its 90-day correction to 47%.
- The broader crypto market faced selling pressure with Ethereum tumbling over 12% in the past week due to escalating global trade tensions.
- Musk explained that the Department of Government Efficiency name was chosen for fun, not because of any actual plans to use Dogecoin.
- Crypto analysts suggest DOGE could still be a buying opportunity, pointing to historical patterns where major corrections were followed by strong rallies.
Date: Mon, March 31, 2025 | 06:44 PM GMT
The cryptocurrency market has faced significant selling pressure as Ethereum (ETH) tumbled over 12% in the past week, driven by escalating global trade tensions and dipping below the $1,850 mark. This broader market downturn has also weighed heavily on memecoins, with Dogecoin (DOGE) extending its 90-day correction to 47%.
Adding to the bearish sentiment, a recent statement from Elon Musk clarified that the U.S. government has no plans to adopt DOGE, pushing the token deeper into the red today.
Elon Musk Says US Won’t Use Dogecoin
Elon Musk has cleared the air about rumors surrounding Dogecoin’s potential inclusion in the U.S. Department of Government Efficiency (DOGE). During a speech at the America Pack Town Hall in Green Bay, Wisconsin, he said, “There are no plans for the government to use Dogecoin or anything.”
Musk explained that he originally considered naming the agency the Government Efficiency Commission but found it too dull. “I was going to call it Government Efficiency Commission, but that’s a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like, the internet is right,” he added.
Still a Buying Opportunity?
Even though Elon Musk made it clear that the U.S. government will not use DOGE, this is not necessarily a bearish signal. DOGE maintains its top position in the market primarily due to its memecoin status rather than as a utility coin.
Crypto analyst Surf has pointed out a repeating pattern in Dogecoin’s historical price action. As seen in the latest chart, every major correction in DOGE’s price has been followed by a strong rally.
The white circles highlight past corrections, all of which were followed by significant upward moves. Each time Dogecoin dipped into an accumulation zone, it later experienced a powerful surge, marking the beginning of a new uptrend.
If this pattern continues, DOGE could be in the early stages of another major rally, potentially pushing its price back toward all-time highs.
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