Faint hopes of Dogecoin (DOGE) becoming part of the U.S. Department of Government Efficiency (D.O.G.E.) were dashed on Sunday as department figurehead Elon Musk dismissed any plans to incorporate the cryptocurrency.
“There are no plans for the government to use Dogecoin or anything,” Musk said during a speech at the America PAC town hall in Green Bay, Wisconsin.
Musk, a well-known supporter of Dogecoin, clarified that the department’s name originated from internet suggestions, not any affiliation with the meme cryptocurrency. “I was going to call it Government Efficiency Commission, but that’s a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like, ‘The Internet is right.’”
Despite Musk’s clear denial, speculation about Dogecoin’s role in D.O.G.E. had been growing since the department’s website briefly displayed the cryptocurrency’s iconic Shiba Inu mascot in February. The appearance fueled rumors of a crypto tie-in and triggered a 14% surge in Dogecoin’s price, pushing its market cap to $58 billion.
Musk’s comments barely moved the market. Dogecoin is down 3.3% in the past 24 hours, trading at $0.1654, in line with the broader trend.
What Is D.O.G.E.?
Founded in August 2024, the Department of Government Efficiency is a key part of President Trump’s effort to cut spending and shrink bureaucracy. Since its official start in January, it claims to have saved taxpayers $130 billion, averaging $840 per household.
But its actions have been controversial. The agency has slashed budgets, eliminated jobs, and scaled back programs focused on climate change, scientific research, and diversity. Agencies like USAID, CFPB, and SSA have been hit the hardest.
Musk’s Role in D.O.G.E.
Elon Musk’s position within the agency remains a topic of debate. While the White House insists he is serving as a senior advisor without policy authority, Trump has publicly referred to him as the leader of the department. Musk has stated that he is not receiving any compensation for his involvement.
D.O.G.E. is currently facing multiple lawsuits from advocacy groups and lawmakers seeking to challenge its sweeping cost-cutting measures. Critics argue that the agency’s restructuring efforts undermine critical public services, while supporters hail it as a much-needed move toward government efficiency.
For now, despite the name, Dogecoin remains separate from D.O.G.E., and Musk has made it clear—there will be no DOGE in D.O.G.E.
Also Read: D.O.G.E. comes into effect by order on Day 1 of Trump Office
