The official website of the Department of Government Efficiency (D.O.G.E.) briefly displayed the Dogecoin logo the day after Donald Trump’s inauguration. This fueled speculation that the memecoin might be integrated into the newly established agency. However, those expectations were dampened on Sunday when Elon Musk, the department’s key figure, dismissed any possibility of incorporating Dogecoin.
During his speech at the America PAC town hall in Green Bay, Wisconsin, Musk clarified that the government had no intention of using Dogecoin or any cryptocurrency. He revealed that he initially considered naming the agency the “Government Efficiency Commission,” but found it unappealing. Inspired by internet suggestions, he opted for the “Department of Government Efficiency,” agreeing that the online community had made the right call.
Following Musk’s statement, Dogecoin’s price saw a 3.5% decline over the past 24 hours, mirroring a broader downturn in the cryptocurrency market. While there were never concrete plans to integrate Dogecoin into the non-governmental agency, the department’s launch in August led to the creation of several tokens bearing its name. This, in turn, contributed to a multi-month rally in Dogecoin’s value.
The primary goal of D.O.G.E. is to improve government spending efficiency and optimize departments responsible for managing taxpayer funds. Since its official launch in January, the agency has reportedly saved an estimated $130 billion, translating to an average savings of $840 per taxpayer.
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