Elon Musk clarified the distinction between the Department of Government Efficiency (D.O.G.E.) and Dogecoin, leading to a decline in Dogecoin's price.
During a town hall, Musk explained that the D.O.G.E. department is unrelated to Dogecoin and will not integrate any cryptocurrency into its operations.
Speculation about the D.O.G.E. agency boosting Dogecoin adoption and use cases was dismissed by Musk's comments.
Dogecoin's price has been adversely affected by the news, with traders reacting strongly and the coin currently trading at $0.168.