Is This the Last Chapter for Dogecoin’s Bull Run? Assessing Musk’s Current Feedback

TL;DR

• Regardless of the rumors and speculations that the Musk-led D.O.G.E. would possibly use the meme coin, the billionaire refuted the claims on Sunday night.
• Whereas such an announcement by Doge’s most well-known proponent might damage the asset, sure technical points point out that there might be some positive factors across the nook.

No DOGE to Be Used

Throughout Trump’s presidential marketing campaign final yr, one of many groundbreaking guarantees made by him and other people near him, on this case Elon Musk, was the creation of a government department that might ‘establish and remove wasteful authorities spending, aiming to scale back federal expenditures by $1 trillion.’

Its identify, Division of Authorities Effectivity (D.O.G.E.), and Musk’s management function led to immense pleasure within the meme coin neighborhood. Furthermore, folks began speculating that Dogecoin would ultimately be utilized in some type and that it might profit from the identify resemblance.

The rumors have been fueled by the addition of the meme coin’s brand to the D.O.G.E. web site only a day after Trump’s inauguration. All of this hype resulted in a large rally for Dogecoin, as its value skyrocketed from $0.14 forward of the elections to a multi-year peak of $0.48 a month later.

Nevertheless, DOGE has failed to take care of its run and has dropped by over 60% because the January peak of $0.42, because it now struggles at $0.163.

What might be even worse for DOGE’s upcoming value actions is the truth that Musk refuted the aforementioned rumors on Sunday. Talking in a City Corridor assembly in Wisconsin, the Tesla CEO said the federal government has no plans to make use of DOGE in any type.

“They occur to be related names, however actually, we’re actually simply making an attempt to make the federal government 15% extra environment friendly.”

The Finish or Not?

Musk’s assertion might be considered an enormous blow to Dogecoin’s bull run aspirations, particularly because the asset is much from this cycle’s peak. Nevertheless, there are specific constructive indicators on the technical facet of issues, as laid out by Ali Martinez.

The analyst famous that the TD Sequential has posted a purchase sign on the weekly chart and added that so long as DOGE’s value stays above the decrease boundary of the channel posted under, it might reignite one other surge.

#Dogecoin $DOGE continues to carry above the decrease boundary of this channel. A spike in demand right here might gas a rally towards the mid or higher vary!

Be a part of me on this commerce by signing as much as @coinexcom utilizing my referral hyperlink https://t.co/73n8mWavUX pic.twitter.com/G92NGsNqZL

— Ali (@ali_charts) March 30, 2025

The analyst with over 130,000 X followers additionally informed that DOGE is primed to expertise substantial volatility within the following weeks as ‘anxiousness is constructing amongst Dogecoin holders.’