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

Key Points

Elon Musk recently stated that the US government has no plans to officially adopt Dogecoin (DOGE). He clarified that the name of the Department of Government Efficiency (DOGE) originated from online suggestions.

Following Musk's March 30th town hall statements, the price of Dogecoin experienced a decline.

DOGE Price Decline

At the time of writing, DOGE is trading above $0.16, with a market capitalization exceeding $24.5 billion. The coin has seen a drop of over 3% in the last 24 hours.

DOGE Price in USD Today

On March 30th, DOGE's price fell from over $0.17, and its market cap dropped from over $25.5 billion, following Musk's comments. The coin reached its all-time high (ATH) on May 6, 2021, exceeding $0.65.

Clarification on the DOGE Naming

Musk explained that the name "Department of Government Efficiency (DOGE)" resulted from online suggestions, prompting a change from the previous name, "Government Efficiency Commission." He emphasized that while the names are similar, their functions differ, with the DOGE department aiming for a 15% increase in government efficiency.

The department's name initially sparked speculation about Dogecoin's involvement, particularly given Musk's history as a vocal supporter of the cryptocurrency. He notably contributed to a significant price surge on December 20, 2020.

One word: Doge
— Elon Musk (@elonmusk) December 20, 2020

Further speculation arose from the appearance of the Dogecoin logo on the department's official website following the January 20, 2025, presidential inauguration.

First DOGE Logo

The Department of Government Efficiency has targeted various US government agencies, including the US Agency for International Development and the IRS, leading to significant layoffs within these agencies. The department claims to have saved the US government $130 billion, equating to approximately $807 per taxpayer.