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Dogecoin: attack on Musk’s partner and fake news make DOGE fall 30%
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Among the 10 largest cryptocurrencies on the market, Dogecoin (DOGE) was the one that recorded the biggest drop by farwith a loss of 26% this Friday (20). Apparently, this movement occurred because of a scam involving the Department of Government Efficiency (DOGE)headed by Elon Musk.
It all started when DOGE supposedly announced plans to collaborate with stablecoin issuing company USUALas reported by Vivek Ramaswamy, Musk’s partner in the department. The news caused strong excitement in the markets, despite the drop in DOGE’s price reaching 13%.
However, Ramaswamy deleted the post minutes later, leaving his followers confused. Afterwards, it became clear that there was a hack into the executive’s account and therefore the message of the supposed partnership was false.
Ramaswamy did not comment on the alleged attack, but the tweet was no longer on his profile when this article was completed. The discovery of the hoax caused a sharp drop in the price of DOGEwhich extended its losses to more than 26% in the last 24 hours
Real or fake?
In addition to announcing the partnership with USUAL, Ramaswamy stated that the measure would serve to support the Donald Trump administration’s mission of reduce the United States federal fiscal deficit. In fact, this is the official mission of DOGE, which aims to reduce the deficit by July 4, 2026.
The businessman added that the collaboration aims to improve the efficiency of government transactions while promoting fiscal responsibility. But shortly after, Ramaswamy deleted the messageshowing that the partnership is absolutely false.
After the attack, the profile team took swift action on the matter and deleted the post after that. James Fishback, founder of Invest Azoria, confirmed that the partnership between DOGE and USUAL did not occur
Interestingly, the stablecoin USD0, managed by USUALwas one of the few tokens in the Top 100 that opened the day with gains. And the discovery of the attack and fake news did not impact the price of the token.
Recently, influencer Hawk Tuah also got involved in controversy when promoting its tokenwhich many accused of being a scam.
Elon Musk has been actively working on upcoming plans for DOGE since receiving control of the department from Donald Trump. Ramaswamy will do part of the organization’s management and is one of the most enthusiastic members of reducing the size of the American state.
Dogecoin: attack on Musk’s partner and fake news make DOGE fall 30%
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Dogecoin: attack on Musk’s partner and fake news make DOGE fall 30%
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Dogecoin: attack on Musk’s partner and fake news make DOGE fall 30%
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Dogecoin: attack on Musk’s partner and fake news make DOGE fall 30%
