<ul><li>Dogecoin has experienced a significant decline following a statement from Elon Musk clarifying that the U.S. government does not intend to adopt Dogecoin.</li><li>Dogecoin saw over $9 million in total liquidations, with $6.5 million from buyers closing long positions and $2.55 million from sellers ending their positions.</li><li>Dogecoin's open interest fell by 1.44%, dropping to around $1.6 billion after Elon Musk's clarification.</li><li>Dogecoin's price has dropped below the EMA20 trend line, indicating a bearish sentiment, with a potential retest of $0.143 support level.</li></ul>

Dogecoin is Facing Rising Bearish Threat as It Drops Toward $0.16: Will Buyers Bounce Back?

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