- Elon Musk clarified that the Department of Government Efficiency has no connection to Dogecoin or cryptocurrency initiatives.
- Despite distancing from Dogecoin, Musk’s involvement with D.O.G.E. still triggered market speculation and a brief price surge.
Elon Musk, a character long associated with the playful rise of Dogecoin, made a stark distinction between his latest bid for governmental reform and the cryptocurrency. In a town hall on March 30 in Green Bay, Wisconsin, he dismissed any association with Dogecoin on the part of the federal government. He said:
There are no plans for the government to use Dogecoin or anything as far as I know.
The Department of Government Efficiency, or D.O.G.E., has nothing to do with crypto, Musk explained. Despite the familiar name, he clarified that “they happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient.” The origin of the name, he added, came from online feedback.
“I was going to call it Government Efficiency Commission, but that’s a super boring name,” Musk said. “Then the internet said it needs to be Department of Government Efficiency. I was like, ‘The Internet is right.’”
However, D.O.G.E.’s online presence has added fuel to speculative fires. In February, the department’s official website briefly featured Dogecoin’s Shiba Inu mascot. This unexpected appearance caused Dogecoin’s value to spike 14%, pushing its market cap up to $58 billion. Despite the short-lived image, no formal connection was ever confirmed.
Crypto Buzz Dies Down as Doge Dips
Dogecoin, a cryptocurrency that once was popularly influenced by tweets of Elon Musk, has seen a decline in the market. The token is currently trading down 3.90% over the past 24 hours, sitting at $0.1627. Musk’s recent attempts to distance himself from the doge have seemingly carried less weight with investors than in years past.
His history with Dogecoin hasn’t been without friction. In 2023, Musk faced a market manipulation lawsuit tied to his previous promotional efforts around the coin. The SEC had taken an interest in how his public endorsements swayed markets. But now, the narrative seems to have shifted, with policy and government reform taking center stage over crypto chatter.
D.O.G.E. was introduced by Donald Trump for the first time in August 2024, and since then it has been the key component of his reordering of the administration. Billed as a tool to shrink government and slash spending, the initiative has already led to sweeping changes. Whole departments have seen major cutbacks, including USAID, the Consumer Financial Protection Bureau, and the Social Security Administration.
Layoffs, Lawsuits, and Lines Drawn
It is not surprising that the federal agency decided on a major restructuring in order to cut costs. As a result of the layoffs and the termination of the programs associated with climate, scientific research, and DEl initiatives, the department has been sued More than one lawsuit is ongoing, which questions the legality and effectiveness of the new organization.
While Trump publicly calls Musk the head of the operation, the White House insists he holds no policy power, labeling him a senior advisor. Musk, meanwhile, clarified that he isn’t receiving any compensation for his involvement. His official position remains murky, sparking ongoing debate over his influence within the department.
Despite the chaos and controversy, Musk appears committed to the broader mission of overhauling federal operations. But as far as Dogecoin is concerned, the billionaire isn’t blending memes with mandates anymore.
