Elon Musk, known for his interest in Dogecoin and his role as the head of both Tesla and D.O.G.E., has made a statement that contradicts the expectations of the meme coin's community about a possible connection between Dogecoin and D.O.G.E.

Moreover, Musk made another comment about Dogecoin that might disappoint many DOGE fans and holders. A portion of Musk's recent speech and question-and-answer session was shared by the X user, "DogeDesigner," who appears to be close to Elon Musk.

This user frequently shares inside information about X and Dogecoin updates, as well as D.O.G.E.

Tech mogul Musk explained why he chose to name the new government agency, which he is spearheading, after his favorite meme coin.

Initially, he said, the plan was to name it the "Government Efficiency Commission." But that title proved to be a "super boring name," the centibillionaire admitted.

Therefore, after consulting the online community, a decision was made to name it the "Department of Government Efficiency," which can be contracted to D.O.G.E., similar to the name of the cryptocurrency.

"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," Musk said.

However, Musk made it clear that, as far as he knows, the U.S. government does not have any plans to use Dogecoin or any other crypto.

These two have similar names - "the names are similar but they are doing two different things," according to Musk.

"We're literary trying to make the government 15% more efficient," the billionaire added.

Since last Wednesday, the largest meme coin, DOGE, has experienced a massive price crash, collapsing by more than 20% - from roughly $0.20480 to the $0.16270 level, where it is changing hands at the time of this writing.

Musk remains a strong supporter of DOGE, although he has been rarely spotted tweeting about it recently. He now seems to be focused on the Department of Government Efficiency.