Musk's Government Aspirations Sink Dogecoin by 6% in One Day
Dogecoin (CRYPTO: DOGE) took a hit of over 6% on Thursday, following comments from Elon Musk in an Economist interview. Musk admitted to getting 'carried away' with his efforts to create a Department of Government Efficiency and pushing for $150 billion in budget cuts.
'I think instead of doing Doge, I would have basically worked on my companies,' Musk said, referencing his own business ventures rather than the cryptocurrency.
The interview sparked renewed attention to DOGE's performance over the past 20 months. The cryptocurrency has seen a roughly 78% decline against Bitcoin (BTC) during this time, with crypto analyst CrediBULL Crypto noting that it has now entered its first area of interest on the DOGE/BTC pair.
Despite this, some investors are taking note of the token's recent performance. Spot Dogecoin ETFs recorded net inflows of $345,130 on July 21, marking their first inflow since June 17, according to SoSoValue data. However, these inflows returned to zero by July 23.