Elon Musk Quashes Persistent Rumors Linking Dogecoin (DOGE) to Newly Formed US Department of Government Efficiency (D.O.G.E.)

Elon Musk has put to rest persistent speculation linking Dogecoin (DOGE) to the newly formed US Department of Government Efficiency (D.O.G.E.), clarifying that the agency has no connection to the meme-based cryptocurrency.

Elon Musk has finally quashed rumors of Dogecoin being linked to the new Department of Government Efficiency (D.O.G.E.). During a town hall event for his America PAC in Green Bay, Wisconsin, Musk clarified that the agency has no connection to the meme cryptocurrency, despite the playful coincidence in naming.

"The names are similar, but they are doing two different things," Musk stated, responding to a question about the speculation. "So, in fact, I was going to call it the 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 Internet is right. So we changed the name from Government Efficiency Commission to Department of Government Efficiency but there are no plans for the government to use Dogecoin or anything, as far as I know."

The rumor mill had been churning for some time, especially on social media, about DOGE being integrated into D.O.G.E.'s operations. The semi-governmental body, tasked with streamlining federal spending and eliminating bureaucracy, has reportedly achieved an estimated $130 billion in savings since its official launch in January, averaging to about $840 in savings per taxpayer, according to internal data.

As the tale unfolded, Musk's naming choices—whether by design or coincidence—had an impact in the crypto markets. Dogecoin experienced a surge in the months following D.O.G.E.'s informal announcement in August 2024, fueled by hopes of the token's adoption by the agency. This effect was further amplified when, in a symbolic gesture, the D.O.G.E. website briefly displayed a Dogecoin logo in the days following Donald Trump's 2025 inauguration, an incident that generated temporary belief in the speculative link between the agency and the token.

However, Musk's comments on Sunday at the town hall seem definitive. "There are no plans for the government to use dogecoin or anything," he added, in a further and unambiguous dismissal of the theory.

The denial comes as DOGE experiences a slight downturn in market value. The token is down 3.8% over the past 24 hours, consistent with broader declines across the crypto sector in wake of US President Donald Trump's "Liberation Day." Despite the lack of any official ties between Dogecoin and the government, the token's recent rally—showing a rise of nearly 70% since August—has been partially attributed to the D.O.G.E. narrative and Musk's ongoing public support for Dogecoin in other contexts.

At press time, DOGE is trading at $0.16.