Elon Musk has confirmed that Dogecoin will not be part of the Department of Government Efficiency, a much-needed clarification for top DOGE proponents in the industry.
To the disappointment of many, serial entrepreneur and billionaire Elon Musk has clarified that Dogecoin (DOGE) has no connection with the United States Department of Government Efficiency (D.O.G.E.). Before now, several crypto enthusiasts had looked forward to integrating the canine-themed memecoin with the newly launched government agency.
Did D.O.G.E Change its Mind About Dogecoin?
Though it was introduced in August, D.O.G.E did not formally start operations until January. On January 21, 2025, a day after Donald Trump was inaugurated as president of the United States, a Dogecoin logo was spotted on the official website of D.O.G.E. This gave credence to the rumors of a connection at the time. Many entities believe the coin will be crucial to the non-governmental agency.
While attending the American PAC town hall in Green Bay, Wisconsin, Musk stated that the government has no plan to utilize DOGE or “anything.” He claimed that he had wanted to call the agency the Government Efficiency Commission but later decided it was a boring name.
Then, the internet suggested that it be called the Department of Government Efficiency.
Noteworthy, D.O.G.E was established to enhance the process of government spending taxpayers’ money. It intends to streamline the departments that handle this spending. So far, its estimated savings are approximately $130 billion, with each taxpayer’s savings pegged at an average of $840.
DOGE Price Performance And Outlook
The speculations that there may be a connection have profited the memecoin, causing a surge in price. When D.O.G.E was introduced in August, DOGE kickstarted a multi-month price rally.
At some point, it exhibited signs of a bullish golden cross, similar to a pattern in early January 2021. However, DOGE has seen a price dip since Musk made this announcement, although there is a broader crypto market dip.
At the time of this writing, the canine-themed memecoin traded at $0.1643, corresponding with a 3.99% drop in the last 24 hours. There are speculations that the token may reach a new All-time-high (ATH). One crypto analyst suggested that the dog-themed memecoin’s price could skyrocket to $24.
Interestingly, he did not attribute this increase to D.O.G.E. but to whale activities and the Fibonacci support of DOGE.
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