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International Business Times
International Business Times
Business
Marvie Basilan

Dogecoin Tumbles After Elon Musk Says US Government Won't Adopt $DOGE

Elon Musk DOGE Dogecoin United States
DOGE and $DOGE share names, but they are two very different things, Elon Musk clarified Sunday. (Credit: Kanchanara/Unsplash)

KEY POINTS

  • Musk told a town hall audience that his government audit department and $DOGE are 'two different things'
  • He also revealed that the US government has 'no plans' to adopt the cryptocurrency
  • Some $DOGE holders said Musk's statements were a 'betrayal' to the community
  • Dogecoin is the world's largest meme coin by market capitalization

Dogecoin (DOGE), the world's largest meme coin by market cap, fell late Sunday after Elon Musk, who is a very well-known fan of the meme token, said the U.S. government "has no plans" to adopt the digital coin.

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