Is Dogecoin hype dead? Elon Musk says DOGE not in US plans

Dogecoin slipped nearly 10% in the past week as crypto traders digest Elon Musk’s statement. The Tesla boss made it clear that the US has no plans for DOGE. The sentiment among Dogecoin traders is 69, on a scale of 0 to 100. DOGE price could recover in the short-term, even as the hype around the meme coin dies down. 

狗狗币不在美国计划中，马斯克令交易员失望

Dogecoin (DOGE) traders were shocked by Elon Musk’s announcement that the United States (US) government had no plans for DOGE. When the Tesla boss named the department he leads as Department of Government Efficiency, it raised hopes among DOGE holders. 

There was speculation of DOGE being accepted or included in the future plans of the department. 

Musk is known for his affinity for Dogecoin and has faced legal trouble for endorsing the token and making statements that drive DOGE price higher. However, Musk’s recent statement makes it clear that the meme coin has no place in the federal government’s plans.

In a town hall in Wisconsin, Musk said, “There are no plans for the government to use Dogecoin for anything as far as I know…The names are similar, but they’re doing two very different things.” 

就首字母缩写词和部门名称而言，马斯克解释了该名称的产生过程，以及它与狗狗币及其在联邦政府交易中的使用没有任何关系。

交易员们对 DOGE 能够被接受作为支付方式抱有希望，因为 DOGE 网站曾短暂展示过狗狗币的标志，狗狗币是一只名叫 Kabosu 的柴犬。马斯克此前曾谈到将区块链技术应用于美国不同政府部门，这还有待观察。

DOGE derivatives traders bet on Dogecoin gain

Binance 和 OKX 上的狗狗币衍生品交易员正在押注 DOGE 价格上涨，多头/空头比率，一个重要指标为 3。衍生品交易员的活动被认为是现货市场资产价格走势的关键。

过去 24 小时内，期权交易量上涨了 181.45%，而期权未平仓合约并未显著增加。

Dogecoin price forecast

Dogecoin’s daily price chart shows the likelihood of further gains in DOGE price. Dogecoin could gain 35% and test resistance at $0.24040, the upper boundary of a Fair Value Gap on the DOGE/USDT daily price chart. 

The lower boundary of the FVG at $0.21465 acts as a hurdle on the path to $0.24040. A rally to this level marks over 20% gains. 

Two key technical indicators, the RSI and MACD support a bullish thesis for the meme coin. RSI reads 46 and is sloping upwards. MACD flashes green histogram bars on the neutral line, meaning there is an underlying positive momentum in DOGE price trend. 

如果狗狗币未能维持交易者的需求，该 meme 币可能会跌至 3 月 11 日的低点并测试 0.14280 美元的支撑位。比特币 (BTC) 的闪电崩盘可能会导致加密货币价格大幅回调，使该 meme 币重新测试其 3 月 11 日的低点。

狗狗币交易者情绪及预期

由于马斯克澄清未来没有在联邦政府或部门使用狗狗币的计划，狗狗币的炒作受到了打击。虽然狗狗币交易员的情绪仍然高于 30 天移动平均线，但如果市场出现全面调整，狗狗币的情绪可能会下降。

Dogecoin supply distribution chart on Santiment shows that traders holding between 1 million and 10 million DOGE tokens added 220 million meme coins to their portfolio in March. If whales continue to accumulate the meme coin, it could act as a catalyst and fuel a bullish thesis for the meme coin. 

With Dogefather missing in action, will DOGE recover?

Musk gained popularity in the crypto community as the Dogefather. As the Tesla boss distances himself and his Department of Government Efficiency from DOGE, it remains to be seen whether the meme coin will maintain its relevance. 

DOGE has been accepted as a blue-chip meme coin with the largest market capitalization in the sector. With a market cap above $26 billion, Dogecoin could maintain its relevance and continue to find utility if traders digest the development while sustaining demand across exchanges. 

The news of the Dogecoin ETF filing and its progress is positive, and such developments could support gains in DOGE.