Elon Musk confirmed the U.S. Department of Government Efficiency (D.O.G.E.) has no plans to use Dogecoin cryptocurrency
The name similarity between D.O.G.E. and Dogecoin is coincidental, though the website briefly displayed a Dogecoin logo after Trump’s inauguration
D.O.G.E. aims to make government 15% more efficient and has reportedly saved $130 billion since January
Musk plans to step down after achieving a $1 trillion reduction in federal deficit, possibly by May
The department has made cuts to federal agencies and programs, facing lawsuits challenging its authority
Elon Musk, the head of the U.S. Department of Government Efficiency (D.O.G.E.), has put an end to rumors that the government agency might incorporate the Dogecoin cryptocurrency. His comments came during an America PAC town hall in Green Bay, Wisconsin on Sunday.
“There are no plans for the government to use Dogecoin or anything,” Musk said during his speech. The tech billionaire explained that despite the name similarity, the department’s focus is solely on improving government operations.
The naming choice was more about branding than cryptocurrency connections. Musk revealed he had initially planned to call it the “Government Efficiency Commission.”
“That’s a super boring name,” he admitted. “Then the internet said it needs to be the Department of Government Efficiency. I was like, Internet is right.”
The similarity in names had fueled speculation about potential government adoption of Dogecoin. This was further heightened when the official D.O.G.E. website briefly displayed the Dogecoin logo for a few hours after President Trump’s inauguration.
ELON MUSK: “There are no plans for the government to use dogecoin or anything.
I was going to call it Government Efficiency Commission but that’s a super boring name. Then the internet said it needs to be Department of Government Efficiency. I was like Internet is right.” pic.twitter.com/5BLBQeN7dL
This temporary logo appearance gave more weight to rumors of the meme coin playing a role in the new agency. It also sent Dogecoin prices up 14% to a $58 billion market cap in February.
Musk has long been associated with Dogecoin. He has promoted the cryptocurrency through tweets and public statements, even defending its inflationary model as a feature that supports everyday transactions.
His past Dogecoin promotions have drawn attention from regulators. In 2023, Musk faced a market manipulation lawsuit from the SEC over his Dogecoin-related activities.
D.O.G.E.’s Cost-Cutting Mission
The D.O.G.E. department was first introduced in August 2024. It has since become a central part of the Trump administration’s efforts to downsize the federal government.
The initiative aims to cut government spending and streamline operations. Musk says the goal is to make government “15% more efficient.”
Since its formal launch in January, the department claims to have saved an estimated $130 billion. This amounts to an average saving of $840 per taxpayer, according to data provided by the department.
The team has targeted several areas for cost-cutting. One key focus was federal credit card usage, where they found the government had issued 4.6 million cards despite having only 2.3 to 2.4 million employees.
Musk called this oversight “absurd” and pushed for immediate reductions. The department has also carried out mass layoffs and cut funding for various programs.
Agencies affected include the U.S. Agency for International Development (USAID), the Consumer Financial Protection Bureau (CFPB), and the Social Security Administration (SSA). Programs related to climate change, scientific research, and diversity initiatives have seen funding cuts.
Musk’s exact role in the department remains somewhat unclear. The White House describes him as a senior advisor without policy authority, while President Trump has referred to him as the department’s leader.
In a recent interview with Fox News, Musk stated he will step down from his position after achieving a $1 trillion reduction in the U.S. federal deficit. He expressed confidence that most of the work could be completed within 130 days.
Based on this timeline, Musk estimated his tenure with D.O.G.E. could end by late May. He described his work as “a revolution” that would leave America in a “much stronger financial position.”
While supporters praise the efficiency-driven approach, critics argue the department operates with too much power and insufficient oversight. Several lawsuits are currently challenging D.O.G.E.’s authority to make such sweeping changes.
Critics claim that federal contracts and programs have been cut without proper congressional approval. Musk has defended the team’s actions, stating all decisions were carefully considered.
Following Musk’s recent comments about Dogecoin, the cryptocurrency’s price dropped 3.5% in 24 hours. However, this was in line with broader market trends rather than a direct response to his statements.
Currently, Dogecoin is trading at $0.1654, according to data from CoinGecko. Despite the name confusion, the meme coin and government agency continue to operate in separate spheres.
Musk is not being paid for his work with the D.O.G.E. department, according to his statements. His involvement appears to be motivated by his interest in government reform rather than financial compensation.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear ELON MUSK: “There are no plans for the government to use dogecoin or anything.