Elon Musk Quashes Rumors That the U.S. Department of Government Efficiency (D.O.G.E.) Will Use Dogecoin

Elon Musk, the head of the U.S. Department of Government Efficiency (D.O.G.E.), has quashed rumors of the government agency adopting the Dogecoin cryptocurrency.

Speaking at an America PAC town hall in Green Bay, Wisconsin on Sunday, Musk said there were "no plans" for the department to use Dogecoin or any other cryptocurrency.

"I was going to call it the 'Government Efficiency Commission' but that's a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like 'Internet is right', " Musk explained.

He added that the naming choice was more about branding than cryptocurrency connections.

"There are no plans for the government to use dogecoin or anything," he said.

The similarity in names had fueled speculation about potential government adoption of Dogecoin. This was further heightened when the official D.O.G.E. website briefly displayed the Dogecoin logo for a few hours after President Trump's inauguration.

🚨 ELON MUSK: "There are no plans for the government to use dogecoin or anything.

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 Internet is right."

— DogeDesigner (@cb_doge) March 31, 2025This temporary logo appearance had given more weight to rumors of the meme coin playing a role in the new agency. It also sent Dogecoin prices up 14% to a $58 billion market cap in February.

Musk has long been associated with Dogecoin. He has promoted the cryptocurrency through tweets and public statements, even defending its inflationary model as a feature that supports everyday transactions.

His past Dogecoin promotions have also drawn attention from regulators. In 2023, Musk faced a market manipulation lawsuit from the SEC over his Dogecoin-related activities.

D.O.G.E.'s Cost-Cutting MissionThe D.O.G.E. department was first introduced in August 2024 as part of the Trump administration's initiative to downsize the federal government.

The program aims to cut government spending and streamline operations, with Musk stating a goal of making government "15% more efficient."

Since its formal launch in January, the department claims to have saved an estimated $130 billion. This amounts to an average saving of $840 per taxpayer, according to data provided by D.O.G.E..

The team has targeted several areas for cost-cutting. One key focus was federal credit card usage, where they found the government had issued 4.6 million cards despite having only 2.3 to 2.4 million employees.

Musk called this oversight "absurd" and pushed for immediate reductions. The department has also carried out mass layoffs and cut funding for various programs.

Among the agencies affected are the U.S. Agency for International Development (USAID), the Consumer Financial Protection Bureau (CFPB), and the Social Security Administration (SSA). Programs related to climate change, scientific research, and diversity initiatives have seen funding slashed.

Musk's exact role within the department remains somewhat unclear. The White House describes him as a senior advisor without policy authority, while President Trump has referred to Musk as the department's leader.

In a recent interview with Fox News, Musk stated that he will step down from his position after achieving a $1 trillion reduction in the U.S. federal deficit.

He expressed confidence that most of the work could be completed within 130 days, which would involve cutting programs and streamlining operations to become "15% more efficient."

Based on this timeline, Musk estimated that his tenure with D.O.G.E. could end by late May. He described his work as "a revolution" that would leave America in a "much stronger financial position."

While supporters view the efficiency-driven approach positively, critics argue that the department holds too much power and faces insufficient oversight.

Several lawsuits are currently challenging D.O.G.E.'s authority to make such sweeping changes. Critics claim that federal programs and contracts have been slashed without proper congressional approval.

In response, Musk has defended the team's actions, asserting that all decisions were carefully considered and no programs were canceled without good reason. He maintains that the programs being cut were already approved by Congress.

Following Musk's recent comments about Dogecoin, the cryptocurrency's price dropped by 3.5% in 24 hours, currently trading at $0.1654 according to data from CoinGecko.

However, this decline was in line with broader market trends rather than a direct response to his statements.

Despite the name confusion, the meme coin and government agency continue to operate in separate spheres.

It's worth noting that Musk is not being paid for his work with the D.O.G.E.