Elon Musk has shot down rumors of the U.S. government using Dogecoin or any crypto in its new agency, aiming to streamline taxpayer money and government operations.

During a speech at the America Pack Town Hall in Green Bay, Wisconsin, Musk said, “There are no plans for the government to use dogecoin or anything.”

He explained that he originally considered naming the agency the Government Efficiency Commission, but found it too dull.

“I was going to call it Government Efficiency Commission, but that’s a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like Internet is right,” he added.

The Department of Government Efficiency aims to optimize taxpayer money, having reportedly saved an estimated $130 billion since its formal start in January, with an average savings of $840 per taxpayer.

Dogecoin has dropped more than 5% in the past 24 hours. However, this decline isn’t solely due to Elon Musk’s recent statement. The overall market sentiment remains negative, with Bitcoin struggling to hold above $82K. Most of the top 10 altcoins are also down, testing key support levels.

So, what’s next for Dogecoin?

Dogecoin is currently holding support around $0.15. Despite the recent price drop, Dogecoin is managing to stay above some critical support zones.

Currently, Dogecoin is down about 65% from its highs, which suggests that if history repeats, a similar rebound could be on the horizon. Its all-time high is $0.73, and if it follows the same pattern, it could reach that again—or even higher.

Resistance levels to watch are around $0.19 and $0.23. If Dogecoin breaks through this range, it could push toward $0.30.