Musk clarifies DOGE has no Dogecoin ties

Elon Musk addressed speculation linking the federal Department of Government Efficiency (D.O.G.E.) to Dogecoin (CRYPTO:DOGE) during a March 30 town hall in Wisconsin.

“There are no plans for the government to use Dogecoin or anything as far as I know. They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient,” Tesla CEO emphasised.

The clarification followed a February incident where D.O.G.E.’s website briefly displayed Dogecoin’s Shiba Inu mascot, sparking rumors of a crypto tie-in.

The meme coin surged 14% to a $58 billion market cap at the time, though it has since declined 3.3% to $0.1654 as of March 31.

“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,’” attributed Musk to online suggestions.

The initiative, a key part of President Trump’s government downsising efforts, has faced criticism for mass layoffs and funding cuts to agencies like USAID and the CFPB.

Musk’s role in D.O.G.E. remains ambiguous. While the White House describes him as a senior advisor without policy authority, Trump has publicly referred to him as the department’s leader.

Musk has stated he is unpaid for his work.

The SEC previously investigated Musk for Dogecoin-related market manipulation in 2023, though his recent comments had minimal impact on the coin’s price.

Analysts note the lack of regulatory clarity around meme coins continues to pose risks for investors.

At the time of reporting, the Dogecoin (DOGE) price was $0.1652.