Musk Clarifies $DOGE and DOGE are Different, Dogecoin Prices Plummet

Tech billionaire Elon Musk has clarified that his Department of Government Efficiency (DOGE) is different from the well-known cryptocurrency, Dogecoin (DOGE).

During a Sunday town hall in Green Bay, Wisconsin, Musk drew the line between his unofficial government unit and the meme token.

The Tesla CEO explained that while the two have similar names, "they're doing two different things."

Musk Clarifies $DOGE and DOGE

Earlier in the year, Musk had revealed that he planned to create a government audit department, which he intended to call the Government Efficiency Commission. However, he was later convinced by "the internet" that DOGE would be the best fit.

Finally, the tech billionaire clarified that "there are no plans for the government to use Dogecoin or anything, as far as I know."

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

It appears that the new unit will focus on auditing government spending and ensuring that taxpayer money is being used efficiently.

The billionaire had also joked about running for president in 2024, which could tie into his plans for greater involvement in government.

Reactions Mixed Among $DOGE Holders

Reactions across the Dogecoin community were mixed, but some had very strong feelings about how Musk worded his statement.

For one user, it is a "humbling" note, given how he believes "decentralization wouldn't be possible" if the meme token and the government were not separated from the other. "It's as essential as separation of church and state imo," the user said.

One user said it "would be nice" if the DOGE used the DOGE meme coin, while another indicated that Musk was "tanking" crypto coins through his comments, which basically means pushing the prices down.

For one user, an apparent DOGE user, "Elon betrayed the Dogecoin community."

It is unclear why the tech executive only came out to draw the line on the matter decisively at this time, but he has been sued in the past due to his alleged "pump and dump" scheme when he posted about Dogecoin multiple times in the past.

The case has since been dismissed, and it is unclear if Musk's attitude toward the meme coin is related to the lawsuit at all.