Elon Musk's recent comments have sparked concerns among Dogecoin investors, contributing to a decline in its price. Musk suggested that if his Doge Department of Government Efficiency succeeds in addressing U.S. dollar inflation, the dollar price of cryptocurrencies, including Dogecoin, could decrease. This statement has led to uncertainty in the market, as traders weigh the potential impact of reduced inflation on cryptocurrency valuations. Musk's remarks came in response to a discussion about inflation control measures, highlighting the importance of the exchange rate between the dollar and cryptocurrencies.
The current price of Dogecoin is $0.3830, reflecting a 1.29% decrease from its previous close of $0.3880.