Elon Musk announces that as far as his information goes, dogecoin is not being considered by the US government. This has caused for a decline in price of dogecoin but what do you think of this information regardless if you are holding doge or not.
I think it is only right for some memecoins to not be part of the plans of the government. Not all cryptocurrencies can and should be part of the strategic reserve. This will undermine the novelty of bitcoin being part of strategic reserve and as a currency. But I also am confused since XRP and Solana were mentioned by Trump to be added to the strategic reserve. It made me question why not doge since Elon Musk is such a known close associate of Trump.
Does Elon not have much influence on the government as much as we think or he just did not push for doge at all?
Memecoin means hype and volatility. Strategic reserves needs to be somewhat stable. Strategic reserve like gold are kept in hope of them beating the fiat inflation and keep on appreciating in value. Any crypto strategic reserve too needs to be similar to gold.
Even though Elon Musk is close to Trump administration, it doesn't mean he would take every suggestion. Furthermore Elon is unlikely to suggest adding Dogecoin as he too knows how memecoins works. It's different than hyping a coin and dumping during the pump. Here, it could cause legitimate trouble if coins are added to strategic reserve without extensive strategy.