Elon Musk, the outspoken billionaire and CEO of X, said on Wednesday that Dogecoin (CRYPTO: DOGE) will not be used by a new federal department he is heading.

What Happened: During a town hall meeting with American PAC on March 30, Musk said that there are no plans for the government to use Dogecoin or anything as far as he knows.

The tech billionaire said he was setting up the Department of Government Efficiency (D.O.G.E) after receiving feedback from people on how to improve the government.

“People on the internet have been very helpful in thinking of names for the new commission. They suggested that instead of the Government Efficiency Commission, it should be called D.O.G.E, which stands for Department of Government Efficiency,” Musk explained.

He added that the names are similar but they’re doing two very different things. We’re just literally trying to make the government 15% more efficient.”

Musk is a known fan of Dogecoin and the meme-coin's logo was briefly displayed on the department’s official website after President Donald Trump’s inauguration in January.

Dogecoin Price Action: At press time, DOGE is trading at $0.16. The coin is down 5.83% over 24 hours and trades at a 24h volume of $1.16 billion. Its total market cap stands at $24.33 billion.

According to crypto analyst Ali Martinez, DOGE continues to hold above the lower boundary of its current trading channel. A surge in demand at this level could trigger an upward move, he added.

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