Dogecoin (DOGE) Down by Over 3%, after Musk Said US Government Will Not Use It

Key Points

• Yesterday, Musk said that the US government has no plans to adopt DOGE.
• He explained that the DOGE cabinet’s name came from Internet suggestions.

Today, Dogecoin (DOGE) price dropped, following the latest statements made by Elon Musk on March 30, during a town hall meeting hosted by the America PAC.

DOGE Price Drops

At the moment of writing this article, DOGE is trading above $0.16, with a market cap of over $24.5 billion. The coin is down by over 3% in the past 24 hours.

DOGE debuted a price drop from over $0.17 and a market cap of over $25,5 billion on March 30, following Musk’s statements.

DOGE reached its ATH on May 6, 2021, when the coin hit prices above $0.65.

Explaining the Naming of DOGE

Yesterday, during the meeting , Musk said that the name of the Dept. of Government Efficiency (DOGE) came from suggestions on the Internet, which led him to change the cabinet’s previous name, Government Efficiency Commission.

He said that the names are similar, but they are doing two different things, and the DOGE federal dept. is trying to make the government 15% more efficient.

The initial announcement of the department’s name triggered speculations in the industry, saying that the memecoin DOGE could also be involved, especially since it came from Musk, who has been a longtime supporter of the digital asset, pumping its price since Decemeber 20, 2020, when he sent the coin up by 20%.

One word: Doge

— Elon Musk (@elonmusk) December 20, 2020

More speculation of DOGE’s involvement in the government department was triggered by the fact that the memecoin logo appeared on the cabinet’s official website, following Trump’s presidential inauguration on January 20, 2025.

The Dept. of Government Efficiency targeted various US governmental agencies, including the US Agency for International Development and the IRS. Both agencies have begun a spree of thousands of layoffs.

DOGE claims it saved the US government a total of $130 billion, translating to approximately $807 per taxpayer.