Elon Musk Dismisses Dogecoin Use by Government Efficiency Department

Elon Musk has officially dismissed rumors that Dogecoin (DOGE) would be included in the U.S. Department of Government Efficiency (D.O.G.E.). During a speech at the America PAC town hall in Green Bay, Wisconsin, Musk clarified that there are no plans for the government to use Dogecoin or any similar cryptocurrencies.

Musk explained that he had originally considered naming the department the Government Efficiency Commission, but after feedback from the internet, he decided on the name "Department of Government Efficiency." Despite the playful association with Dogecoin, Musk reassured the public that the memecoin would not be involved in any governmental functions.

This announcement comes after a brief period of speculation sparked by the department’s creation in August, during which rumors about Dogecoin's potential inclusion circulated. The official website even briefly featured the Dogecoin logo, fueling further speculation about its involvement. However, Musk has now firmly put those hopes to rest.

The D.O.G.E. initiative, aimed at improving government spending efficiency, has already saved an estimated $130 billion since its launch in January, benefiting taxpayers with an average saving of $840. Despite the memecoin hype, it appears that Dogecoin will not be part of any government strategy, at least for now.

DOGE’s price has dropped by 3.5% in the past 24 hours, reflecting broader market trends. While the idea of Dogecoin playing a role in the D.O.G.E. agency sparked excitement, it is clear that the coin will not be involved in any official capacity.