Elon Musk recently squashed rumors linking Dogecoin to a new government initiative. He made it clear that the cryptocurrency and the Department of Government Efficiency (D.O.G.E.) are completely unrelated.
No Dogecoin for the Government
Speaking at an America PAC event in Green Bay, Wisconsin on March 30th, 2025, Musk attributed the name similarity to a coincidence stemming from public suggestions. He emphasized that there are no plans to use Dogecoin in government operations. He explained that the similar names were purely coincidental, stating something along the lines of, “The names are similar, but they do completely different things. Initially, I wanted to call it the Government Efficiency Commission, but that’s boring. People online suggested ‘Department of Government Efficiency,’ and I thought, ‘Yeah, that sounds better.’ So we changed it, but there are no plans to use Dogecoin or anything like that, as far as I know.”
Market Reaction and Analysis
Following Musk’s denial, Dogecoin’s price dipped around 3.8% in the following 24 hours. This wasn’t unique to Dogecoin; Bitcoin, Ethereum, and Ripple also saw declines (around 3%, 4%, and 3% respectively). Analysts suggest this broader downturn might be due to concerns about trade wars. While the D.O.G.E. rumors might have briefly boosted Dogecoin’s price, analysts believe that the overall market conditions and fundamental factors ultimately have a much stronger influence. The price drop is likely just a natural correction.
