Dogecoin Has No Involvement in US Government Operations

Elon Musk has dismissed speculation that the US government plans to adopt Dogecoin, clarifying that the Department of Government Efficiency (D.O.G.E.) has no ties to the meme coin.

Speaking at an American PAC town hall in Green Bay, Wisconsin, on 30 March, Musk addressed growing rumours linking Dogecoin to the newly formed agency.

He explained that the name resulted from online consultations and was purely coincidental, despite the surge in enthusiasm for Dogecoin following his appointment as the agency’s head.

Musk reaffirmed that the US government has no intention of integrating Dogecoin into its operations, putting an end to speculation surrounding its official use.

He stated:

“There are no plans for the government to use Dogecoin or anything as far as I know.”

How D.O.G.E Got Its Name

Musk revealed that D.O.G.E. was initially called the “Government Efficiency Commission” but was renamed based on public input from online consultations.

The department’s website briefly featured the Dogecoin logo, fuelling speculation that Musk, a longtime Dogecoin supporter, intentionally chose the acronym to reference the meme coin.

Musk explained:

"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, the internet is right!"

He added:

“The names are similar, but they’re doing two very different things. We’re just literally trying to make the government 15% more efficient.”

This speculation gained traction after the logo appeared on the site following President Trump’s inauguration in January.

However, Musk maintains that the name was purely coincidental and unrelated to Dogecoin.

Dogecoin Price Tanked Almost 10% in Past Week

Dogecoin is facing significant selling pressure, dropping 9.62% over the past week.

That is especially so after Musk debunked the rumours.

Despite a 4.5% rise in daily trading volume to $1.03 billion, DOGE futures open interest has fallen 7.31% to $1.55 billion, according to CoinGlass.

Currently trading at $0.1685, up just 0.44% in the last 24 hours, Dogecoin remains at a critical support level, according to CoinMarketCap.

Crypto analyst Ali Martinez highlights its resilience, noting that as long as DOGE holds above the lower boundary of its trading channel, a surge in demand could fuel a potential rebound.