Musk Dismisses Dogecoin Role in D.O.G.E. Despite Inaugural Day Tease
Speculation about Dogecoin’s potential role in the Department of Government Efficiency (D.O.G.E.) took a hit over the weekend after Elon Musk made it clear the memecoin has no place in the initiative.
“There are no plans for the government to use dogecoin or anything,” Musk said during a speech at the America PAC town hall held in Green Bay, Wisconsin on Sunday.
Initially, the idea of incorporating Dogecoin gained steam after the official D.O.G.E. website briefly displayed the token’s iconic Shiba Inu logo just a day after Donald Trump’s presidential inauguration. The move fueled rumors that the cryptocurrency might somehow be linked to the newly formed department.
“I was going to name it the Government Efficiency Commission,” Musk explained, “but that sounded super boring. Then the internet came up with Department of Government Efficiency, and I thought, yeah, the internet nailed it.”
Dogecoin (DOGE) prices have slipped 3.5% in the last 24 hours, echoing broader losses across the crypto market. Though there was never an official announcement tying DOGE to the agency, its mere association with the name caused a surge of Dogecoin-related tokens and contributed to a multi-month rally in the original memecoin.
Founded in January, D.O.G.E. is tasked with optimizing federal spending and improving budget efficiency. According to recent data, the department has already saved approximately $130 billion in taxpayer money, translating to an average of $840 saved per individual.
