There Is No $DOGE In D.O.G.E, Elon Musk Talks About The Government's Plans

The fragile hope that Dogecoin (DOGE) would become part of the U.S. Government Efficiency Program (DOGE) vanished into thin air on Sunday when the head of the department, Elon Musk, dismissed any plans to incorporate this cryptocurrency into operations. "There is no plan that allows the government to use Dogecoin or anything else," Musk stated in a speech at the America PAC hall in Green Bay, Wisconsin. Musk, a well-known supporter of Dogecoin, clarified that the name of this department came from suggestions on the internet, and has nothing to do with meme cryptocurrency. "I was going to call it the Government Efficiency Committee, but that was an extremely boring name. Then, the internet said it needed to be the Government Efficiency Bureau. I thought, 'The internet is right.'"

Despite Musk's clear denial, speculation about the role of Dogecoin in DOGE has increased since the department's website briefly displayed the iconic Shiba Inu mascot of this cryptocurrency in February. This appearance has sparked rumors about a connection with cryptocurrency and caused a 14% increase in the price of Dogecoin, pushing its market capitalization up to 58 billion dollars. Musk's comments hardly affected the market. Dogecoin fell 3.3% in the past 24 hours, trading at 0.1654 dollars, in line with the overall trend. What is DOGE? Established in August 2024, the Office of Government Efficiency is an important part of the effort to cut spending and streamline the administration of President Trump. Since officially commencing operations in January, the office claims to have saved taxpayers $130 billion, averaging $840 per household. But the actions of this agency have sparked controversy. The agency has cut funding, eliminated jobs, and scaled back programs focused on climate change, scientific research, and diversity. Agencies such as USAID, CFPB, and SSA have been the most heavily affected. Musk's Role in D.O.G.E Elon Musk's position in the agency remains a controversial topic. While the White House asserts that he is serving as a senior adviser without policy authority, Trump has publicly referred to him as the head of the department. Musk has stated that he is not receiving any compensation for his involvement. DOGE is currently facing numerous lawsuits from advocacy groups and lawmakers seeking to challenge the agency's comprehensive cost-cutting measures. Critics argue that the agency's restructuring efforts undermine important public services, while supporters praise it as a much-needed move towards government efficiency. Currently, despite the name, Dogecoin remains separate from DOGE, and Musk has made it clear that there will be no DOGE in DOGE.