Elon Musk Quashes Rumors Linking U.S. Department of Government Efficiency (D.O.G.E.) to Dogecoin Cryptocurrency

Elon Musk, the figurehead of the U.S. Department of Government Efficiency (D.O.G.E.), has put an end to rumors linking the federal agency to the Dogecoin cryptocurrency.

Elon Musk has shot down rumors of the U.S. Department of Government Efficiency (D.O.G.E.) using Dogecoin in its operations.

During an America PAC town hall in Green Bay, Wisconsin on Sunday, Musk was asked by an audience member about the memecoin in connection to the federal agency.

“Is it true that they are using Dogecoin in the government efficiency program?” the attendee asked.

Musk replied that there were no plans for the government to use crypto.

“We are not using any crypto in the government efficiency program. There are no plans to use Dogecoin or anything,” he stated.

The tech billionaire explained that the naming similarity was purely coincidental.

The naming choice came down to appeal rather than cryptocurrency connections.

“I was going to call it Government Efficiency Commission, but that’s a super boring name,” Musk explained to the audience.

The internet played a role in the final decision. “Then the internet said it needs to be the Department of Government Efficiency. I was like, ‘Internet is right',” Musk added, confirming the name was chosen for its catchiness rather than any connection to the cryptocurrency.

Despite Musk’s clarification, speculation had been brewing for months. The department’s official website even displayed a Dogecoin logo for several hours following President Trump’s inauguration in January, giving momentum to rumors about the joke token playing a role in the new agency.

These rumors helped drive market activity. The introduction of D.O.G.E. in August sparked a multi-month rally in Dogecoin prices and led to the creation of several namesake tokens in the crypto market.

Musk’s statement has had an impact on the market. Following his comments, DOGE prices dropped 3.5% in 24 hours, though this decline was in line with a broader market downturn.

The primary purpose of D.O.G.E. remains focused on government efficiency. The department aims to make government spending of taxpayer money more efficient while streamlining departments that handle spending.

The results so far have been substantial. Data from the department’s website shows that it has saved an estimated $130 billion since its formal start in January, with an average savings of $840 per taxpayer.

Musk has set ambitious goals for the department. According to his statements, D.O.G.E. aims to improve government operational efficiency by 15%.

Musk Will Step Down

The tech mogul has indicated his role is temporary. In a recent Fox News interview, Musk said he will step down from his position in the Trump administration after achieving a $1 trillion reduction in the U.S. federal deficit.

His timeline appears to be relatively short. Musk estimated that most of the work required for this cost-cutting goal could be completed within 130 days, potentially ending his tenure by the end of May.

The department has taken aggressive measures since its establishment. D.O.G.E., led by a small team of engineers and entrepreneurs, has laid off thousands of federal employees and eliminated what they describe as waste, fraud, and inefficiency.

One specific target was government credit card usage. Musk found that the government had issued 4.6 million cards despite having only 2.3 to 2.4 million employees, a situation he pushed to correct.

The initiative has faced pushback. Critics argue that D.O.G.E. operates with too much power and lacks proper oversight, with opponents claiming federal contracts and programs have been cut without congressional approval.

Musk’s exact role remains somewhat unclear. The White House maintains he is serving as a senior advisor without policy authority, while President Trump has publicly described him as the department’s leader. Musk has stated he is not being paid for his work with the department.