Dogecoin Drops After Elon Musk Says He Got “Carried Away” With Politics

TL;DR

• Dogecoin dropped more than 5% after the interview in which Elon Musk admitted he had “gone too far” in politics and in his role leading the governmental DOGE.
• The memecoin fell from around $0.0723 to a low of $0.0685, and is down 5% on the week with a trading volume of $690 million.
• The government agency and the memecoin have no formal connection, but share a ticker and Musk’s figure as a historical link in market perception.

Dogecoin posted a weekly decline of over 5% after Elon Musk acknowledged, in an interview with The Economist, that his involvement in American politics was greater than he had intended. “I think I got too involved in politics,” the entrepreneur said.

“Frankly, I got carried away,” he added. The remarks shook the market: the memecoin, which was trading near $0.0723 minutes before the publication, fell below $0.07 and hit a low of $0.0685, according to CoinMarketCap data. At the time of reporting, it was trading around $0.0687, down 1.4% over the last 24 hours with a daily volume of $690 million, a figure that reflects a contraction of 15% compared to previous sessions.

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