Elon Musk has shut down rumors linking Dogecoin (DOGE) to the new Department of Government Efficiency (D.O.G.E.). He says the name similarity is purely coincidental.
Just a Name Game
Speaking at a town hall, Musk explained that the name “D.O.G.E.” came from online suggestions, not a plan to use Dogecoin in government. He initially wanted a less exciting name, but the internet convinced him otherwise. He made it clear: “The names are similar, but they’re doing two different things.”
The D.O.G.E. and the Dogecoin Hype
Rumors spread that the D.O.G.E., which aims to cut government spending (they claim $130 billion saved so far!), would somehow use Dogecoin. This fueled a DOGE price surge after the D.O.G.E.’s launch in August 2024. Things got even crazier when the D.O.G.E. website briefly showed a Dogecoin logo after Trump’s inauguration.
Musk’s Denial and Market Reaction
Musk’s statement at the town hall, however, put a stop to this. He explicitly stated, “There are no plans for the government to use dogecoin or anything.” Following this denial, DOGE prices dipped slightly, mirroring a broader crypto market downturn.
The DOGE Rally Explained
Even though there was never any real evidence of a connection, the D.O.G.E. story and Musk’s general support for Dogecoin helped boost its price by almost 70% since August. At the time of writing, DOGE is trading at $0.16.
