The US government has no plans to use the meme coin Dogecoin. This was stated by Elon Musk, head of the Department of Government Efficiency (DOGE).
According to him, despite the similar names, the federal agency has no connection to the “funny coin.” Musk explained that the goal of DOGE is to make government bodies 15% more efficient.
The head of Tesla and SpaceX added that the agency’s name was chosen based on ideas from the internet. Initially, it was planned to be called the Commission on Management Efficiency, but according to Musk, internet users suggested a more vibrant name.
In February, attention to Dogecoin increased after the official DOGE website briefly featured the cryptocurrency’s mascot—a Shiba Inu dog named Kabosu. The situation sparked rumors of possible ties between the agency and the coin, boosting Dogecoin’s price by 14%.
Just In: The new D.O.G.E. website is live (doge dot gov) and features the official DOGE logo pic.twitter.com/EudcQP1CY0
— TylerD ?♂️ (@Tyler_Did_It) January 21, 2025
Musk’s statement negatively impacted DOGE’s price, with the coin dropping 3.5% to $0.1646 (data from CoinGecko).
The White House claims the billionaire is an advisor without decision-making powers, while President Donald Trump refers to him as the department head. Musk himself stated that he is not paid for his work at the agency.
Back in August 2024, a court dismissed a $258 billion lawsuit against the businessman, which accused him of market manipulation and promoting Dogecoin.