Published: Mar 31, 2025 at 03:50 PM
Updated: Mar 31, 2025 at 03:49 PM
- Elon Musk says D.O.G.E. and Dogecoin have no official connection.
- DOGE briefly surged after its mascot appeared on D.O.G.E.’s site.
- The federal agency D.O.G.E. has cut funding across major government programs.
Elon Musk has denied any official link between Dogecoin and the U.S. government’s Department of Government Efficiency, also known as D.O.G.E. Speaking at a town hall in Green Bay, Wisconsin, on March 30, he explained that the department’s name was derived from online feedback, not cryptocurrency affiliations.
His comments came amid growing speculation within the Dogecoin community about possible federal use of the digital asset. Musk addressed the issue directly, clarifying that Dogecoin and D.O.G.E. are separate entities with different objectives.
Elon Musk noted in a post by Doge Designer that the original name for the new agency was the Government Efficiency Commission. However, he found the title uninspiring and opted for a new version after consulting the public. The Department of Government Efficiency, shortened to D.O.G.E., emerged from internet suggestions and has no connection to crypto.
He added that the department is intended to improve federal efficiency by 15%. The agency has begun reducing bureaucratic structures and eliminating overlapping roles in existing institutions.
In February, the D.O.G.E. website briefly displayed an image associated with Dogecoin. This triggered market speculation about a government endorsement.
Despite this development, Musk reiterated during the town hall that no government plans exist to integrate Dogecoin into federal systems. He said the two names may resemble each other but serve entirely different purposes.
Although Elon Musk is known for supporting Dogecoin, he has recently expressed concern over meme coins in general. Around a month ago, he compared meme coins to a casino and warned against putting significant funds into them.
Dogecoin, however, was singled out as an exception during that statement. Musk indicated that Dogecoin had evolved beyond its meme coin origins. Even so, CoinMarketCap data at the time of press indicates that DOGE has dropped over 5%, falling from $0.20480 to $0.1620.
Since its August 2024 reveal, D.O.G.E. has led major restructuring efforts under the Trump administration. The department has slashed funding for environmental and scientific programs. Agencies impacted include USAID, CFPB, and SSA. Musk is labeled as a senior advisor by the White House, while Trump refers to him as D.O.G.E.’s leader.
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