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DOGECOIN SLIDES AFTER ELON MUSK SAYS HE GOT CARRIED AWAY:
Elon Musk has acknowledged that his involvement in U.S. politics and the Department of Government Efficiency went further than he intended.
"I think I got a little too involved in politics," Musk said in an interview with The Economist published on July 23.
"Got carried away, frankly."
Dogecoin fell sharply after the interview was released, extending the memecoin's recent losses despite having no formal connection to the government initiative that shared its $DOGE acronym.
MUSK REFLECTS ON HIS DOGE ROLE:
President Donald Trump established the Department of Government Efficiency by executive order on Jan. 20, 2025, tasking it with modernizing federal technology and improving government efficiency.
During the July 23 interview, Musk continued to defend the initiative's work but conceded that politics had taken too much of his attention.
His latest comments echo an earlier admission that he would have prioritized his businesses differently.
"I think instead of doing Doge, I would have basically worked on my companies," Musk previously said.
Musk became the initiative's most visible figure as it pushed to reduce federal spending, contracts and staffing. His appointment as a special government employee was limited to 130 days, and his government role ended in late May 2025. $DOGE 's cost-cutting work continued after Musk's departure until the initiative officially terminated on July 4, 2026.
DOGECOIN DROPS FOLLOWING INTERVIEW:
Dogecoin traded near $0.0723 shortly before the interview's publication before falling below $0.07, according to CoinMarketCap data shown in the accompanying chart.
DOGE dropped to approximately $0.0685, representing a decline of more than 5% from its pre-publication level. It was also down around 4.9% over the previous seven days.
Dogecoin has repeatedly reacted quickly to Musk's statements, endorsements and jokes. This time was no exception, with $DOGE trading at about $0.0686 at the time of writing.
#ElonMusk #GovernmentEfficiency #Memecoins #DOGE #MarketDip
"I think I got a little too involved in politics," Musk said in an interview with The Economist published on July 23.
"Got carried away, frankly."
Dogecoin fell sharply after the interview was released, extending the memecoin's recent losses despite having no formal connection to the government initiative that shared its $DOGE acronym.
MUSK REFLECTS ON HIS DOGE ROLE:
President Donald Trump established the Department of Government Efficiency by executive order on Jan. 20, 2025, tasking it with modernizing federal technology and improving government efficiency.
During the July 23 interview, Musk continued to defend the initiative's work but conceded that politics had taken too much of his attention.
His latest comments echo an earlier admission that he would have prioritized his businesses differently.
"I think instead of doing Doge, I would have basically worked on my companies," Musk previously said.
Musk became the initiative's most visible figure as it pushed to reduce federal spending, contracts and staffing. His appointment as a special government employee was limited to 130 days, and his government role ended in late May 2025. $DOGE 's cost-cutting work continued after Musk's departure until the initiative officially terminated on July 4, 2026.
DOGECOIN DROPS FOLLOWING INTERVIEW:
Dogecoin traded near $0.0723 shortly before the interview's publication before falling below $0.07, according to CoinMarketCap data shown in the accompanying chart.
DOGE dropped to approximately $0.0685, representing a decline of more than 5% from its pre-publication level. It was also down around 4.9% over the previous seven days.
Dogecoin has repeatedly reacted quickly to Musk's statements, endorsements and jokes. This time was no exception, with $DOGE trading at about $0.0686 at the time of writing.
#ElonMusk #GovernmentEfficiency #Memecoins #DOGE #MarketDip
