Musk Says US Government Has No Plans to Use Dogecoin

Elon Musk may be one of Dogecoin’s most prominent promoters, but he says the U.S. government has no intention of using it.

At a March 30 town hall in Green Bay, Wisconsin, hosted by his America PAC, Musk distanced the federal Department of Government Efficiency (D.O.G.E.) from the Dogecoin cryptocurrency.

“There are no plans for the government to use Dogecoin or anything as far as I know,” he said. “They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient.”

Musk explained that the name originated from online suggestions. “I was going to call it Government Efficiency Commission, but that's a super boring name,” he said. “Then the internet said it needs to be Department of Government Efficiency. I was like, ‘The Internet is right.’”

Yet despite this, in February, D.O.G.E.’s official website briefly displayed Dogecoin’s Shiba Inu mascot, fueling rumors of a crypto tie-in and sending the coin up 14% to a $58 billion market cap. 

Previous attempts by Musk to promote Dogecoin have led to him being investigated by the SEC. In 2023, he was the subject of a market manipulation lawsuit.

By contrast, Musk’s recent comments have had little impact. Dogecoin is trading down 3.3% over the past 24 hours at $0.1654, according to CoinGecko.

First teased in August 2024, the D.O.G.E. initiative has become a centerpiece of President Donald Trump’s push to downsize the federal government. The project aims to slash spending, reduce regulatory overlap, and restructure federal agencies.

Since its formal launch, the department has carried out mass layoffs and cut funding for programs related to climate change, scientific research, and diversity, equity, and inclusion. 

Agencies affected include the U.S. Agency for International Development (USAID), the Consumer Financial Protection Bureau (CFPB), and the Social Security Administration (SSA). D.O.G.E. is currently facing several lawsuits attempting to roll back its power.

Musk’s official role remains a subject of debate. The White House maintains he is serving as a senior advisor without policy authority, while Trump has publicly described him as the department’s leader. 

Musk has stated that he is not being paid for his work with the department.

Edited by Sebastian Sinclair