Did Elon Resign From DOGE?

No, not yet. But anathema is mounting, especially new criticism from crypto investors that Elon, a non-American noncitizen, used the U.S. Presidency (with Trump's approval) to shill Dogecoin to Americans

Elon Musk's new role in advising the U.S. government has been a hot topic, especially with the acronym for the department—D.O.G.E.—leading many to believe it stands for "Dogecoin."

Did Elon Resign From DOGE? No, not yet. But anathema is mounting, especially new criticism from crypto investors that Elon, a non-American noncitizen, used the U.S. Presidency (with Trump’s approval) to shill Dogecoin to Americans, using Americans buying on the DOGE govt entity news as blatant exit liquidity.

What started as a tongue-in-cheek nod to Dogecoin now seems more deliberate. Musk insists the agency has nothing to do with the meme token, but the crypto world isn’t buying it.

The absence of corruption lawsuits around DOGE cases raises more questions than answers. The department’s true intent and Musk’s agenda remain wide open for further discussion.

Elon Steps Down From Dogecoin Role

The Department of Government Efficiency, or D.O.G.E., has been a subject of interest since Elon Musk joined its ranks.

However, February 2025 brought an unexpected twist when the department’s website displayed the Shiba Inu coin, famously linked to Dogecoin, briefly surging the token’s value by 14%.

Naturally, the reaction was swift, but so was Musk’s response.

“There are no plans for the government to use Dogecoin or anything, as far as I know,” Musk stated during a town hall meeting in Green Bay, Wisconsin, cutting off any rumors or speculation.

Instead, he focused on the pressing matter at hand—improving the government’s efficiency, which he claims is progressing well.

“We’re just literally trying to make the government 15% more efficient, and I think we’re getting there.”

Highlighting the administration’s struggles, especially in the wake of the USAID corruption case, which saw billions funneled to pastors and preachers, underscores the need for change.

Dogecoin Millionaire Addresses Drop Significantly

While the D.O.G.E. association initially boosted Dogecoin’s value, broader economic factors have had a more lasting impact. According to recent data from Bitsbanker, the number of Dogecoin millionaire addresses plummeted by 41.37% between January 21 and March 31, with over 964 addresses disappearing.

This decline mirrors a 50% drop in Dogecoin’s price during the same period, signaling waning enthusiasm for the token. The most significant collapse came from mid-tier holdings, where addresses containing between $100,000 and $999,999 in DOGE dropped nearly 50% in just over two months.

Despite these bleak figures, smaller holders appear undeterred, with many continuing to make small bets on the meme token’s future. The number of addresses holding less than $1,000 in Dogecoin actually increased by 10.78%, indicating persistent interest in the token despite its recent downturn.

However, the decrease in millionaire addresses signals a broader shift in the Dogecoin ecosystem. As the token’s value dwindles, fewer individuals are managing vast fortunes in DOGE, suggesting a natural response to the prevailing market conditions.

Elon's Involvement: A Point of Interest

The role of Elon Musk, known for his ventures in cryptocurrency and technology, and his advisory position at D.O.G.E., adds a layer of intrigue.

Created in the Trump era to cut government costs, the department is largely uncelebrated and has yet to show tangible results outside the initial USAID initiative.

With his flair for branding, which saw him quickly shut down the initiative to "make the government more efficient and less corrupt."

What This Means For Dogecoin

Elon’s involvement in D.O.G.E. has certainly sparked interest in the meme token, especially with the hopes of seeing the U.S. adopt Dogecoin for payments swirling in the crypto community.

However, he was quick to clarify that the department is not linked to Dogecoin, disappointing fans of the meme coin.

Dogecoin’s shrinking pool of millionaires is likely linked to the broader crypto slump rather than Musk’s remarks or actions.

As the meme token continues to decline in value, it is natural to see fewer individuals managing large fortunes in the cryptocurrency.

Moreover, with the U.S. government still struggling to manage its finances effectively, despite the efforts of D.O.G.E., which was set up to streamline operations and reduce waste, it seems that the administration is encountering difficulties.

It remains to be seen what the future holds for D.O.G.E. and whether it will succeed in its mission to improve the efficiency and integrity of the U.S. government.