During a town hall meeting, Elon Musk confirmed that Dogecoin has no connection to the Department of Government Efficiency (D.O.G.E), despite speculation.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
2 mins read
On March 30, during the town hall meeting hosted by American PAC, US President Donald Trump’s close associate Elon Musk stated that Dogecoin DOGE $0.16 24h volatility: 0.5% Market cap: $24.03 B Vol. 24h: $921.76 M won’t be part of his newly formed Department of Government Efficiency (D.O.G.E). “There are no plans for the government to use Dogecoin or anything as far as I know,” Musk said.
He said that he came up with the D.O.G.E federal department after consultations from the internet, which led him to rename the Government Efficiency Commission to DOGE. “The names are similar, but they’re doing two very different things. We’re just literally trying to make the government 15% more efficient,” added Musk.
Elon Musk has been a long-time proponent of the Dogecoin meme coin, and thus, many speculated that the tech billionaire chose the DOGE acronym for the same reason. Additionally, the Dogecoin logo also appeared for a brief period on the department’s official website after President Donald Trump’s inauguration in January.
Dogecoin price has come under strong selling pressure, dropping by 5.83% in the last 24 hours, while slipping back to the crucial support of $0.1615. Today’s selling pressure comes with daily trading volumes surging 4.5% to more than $1.03 billion. Additionally, the DOGE futures open interest has dropped by 7.31% to $1.55 billion, as per the CoinGlass data.
However, highlighting Dogecoin’s resilience, crypto analyst Ali Martinez noted that DOGE continues to hold above the lower boundary of its current trading channel. According to Martinez, a surge in demand at this level could trigger an upward move.
Ever since the Donald Trump administration took charge in mid-January, Elon Musk’s Department of Government Efficiency has announced swift measures to cut government spending.
However, due to DOGE’s major cost-cutting measures, there have been mass layoffs across more than a dozen US agencies, including the US Agency for International Development (USAID) and the Internal Revenue Service (IRS). During his Sunday address at the town hall, Musk also questioned why the Fed employs a massive 20,000 people.
However, even DOGE has been under scrutiny after several errors in the layoff process, leading to dozens of lawsuits. Despite the controversy, the department claims on its official website that it has saved the US government $130 billion, translating to approximately $807 per taxpayer.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
