Despite rumors about Dogecoin being used for governmental purposes under Elon Musk's leadership, the billionaire denied these claims.
Musk's Denial
Elon Musk denied allegations on Sunday that the government plans to use Dogecoin. Speaking at a town hall in Wisconsin, he stated the similarity in names is coincidental, and the initiative is about improving government efficiency.
Implications for Dogecoin
Musk's statement could hinder Dogecoin's growth prospects, as the cryptocurrency has already dropped over 60% since January. However, some technical indicators point to potential improvements.
Technical Signals
Analyst Ali Martinez noted a buy signal on DOGE's weekly chart. He stated that if Dogecoin's price remains above the channel's lower boundary, it could trigger another surge.
Despite Musk's denial of the rumors, technical indicators suggest potential growth opportunities for Dogecoin in the coming weeks.
