Elon Musk has made it clear that the US government has no intention of adopting Dogecoin despite rumors sparked by the creation of Government Efficiency (DOGE). Speaking at City Hall in Green Bay, Wisconsin, Musk emphasized that the department and memecoin are not connected. “As far as I know, there is no plan for the government to use Dogecoin or anything like that,” Musk said, explaining that although the names are similar, their goals are very different. Doge’s focus was simply to make the government more efficient, he added.
The confusion began in February 2025 after a brief display of Dogecoin’s Shiba Inu mascot. The value of Dogecoin skyrocketed 14% after the show, but Musk quickly distanced the government department from crypto tokens. “We’re literally just trying to make government more efficient,” he said.
The Trump administration’s Doge, launched in late 2024, is tasked with restructuring government agencies and cutting costs. It focuses specifically on reducing spending and eliminating unnecessary duplication of regulations. Affected institutions include the United States International Development Agency (USAID) and the Consumer Financial Protection Agency (CFPB). The department’s efforts to reduce federal government size and costs have been controversial, with several lawsuits being filed in response to massive layoffs and budget cuts, which also affected programs that address climate change and scientific research.
Musk explained that the department’s name came from an online proposal. Originally planning to be called the Government Efficiency Committee, he chose Doge’s name after official input. “The internet said it needs to be government efficiency,” he recalls. This playful name led to further speculation that Dogecoin could play a role in the department.
Despite Musk’s statement, the value of Dogecoin fell 3.2% to $0.16 24 hours after explanation. This came after a previous surge in which Shiba Inu mascots were easily shown on the Doge website.
Musk’s role in the department remains unknown, but the White House describes him as a senior advisor with no policy-making power. But President Trump calls him a division leader. Musk also confirmed that he was not compensated for his involvement in the project. The bigger goal of the department is to reduce the size of the federal government and make it more cost-effective. This is a mission that has become a central part of the Trump administration.