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By Shaurya Malwa|Edited by Parikshit Mishra
Updated Mar 31, 2025, 6:26 a.m. UTCPublished Mar 31, 2025, 6:05 a.m. UTC
- Elon Musk, the figurehead of the U.S. Department of Government Efficiency (D.O.G.E.), has dismissed rumors of dogecoin being incorporated into the department’s operations.
- Despite the lack of official plans to include dogecoin, its introduction in August sparked a multi-month rally in the cryptocurrency.
- D.O.G.E., which aims to enhance government spending efficiency, has reportedly saved an estimated $130 billion since its formal start in January.
Faint hopes of dogecoin (DOGE) being included in the U.S. Department of Government Efficiency (D.O.G.E.) were dented on Sunday as the department’s figurehead Elon Musk squashed any plans of adding the memecoin.
“There are no plans for the government to use dogecoin or anything,” Musk said during a speech at the America PAC town hall in Green Bay, Wisconsin.
STORY CONTINUES BELOW
“I was going to call it Government Efficiency Commission, but that’s a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like Internet is right,” he added.
DOGE prices are down 3.5% in the past 24 hours, in line with a broader market drop. While there have been no firm plans to include the token in the controversial non-governmental agency, its introduction in August had sparked several namesake tokens and birthed the start of a multi-month rally in dogecoin.
The official site even sported a dogecoin logo for a few hours on the day after Trump’s inauguration, giving more credence to rumors of the joke token playing a role in the new agency.
D.O.G.E seeks to make government spending of taxpayer money more efficient while streamlining departments that handle spending. It has saved an estimated $130 billion after a formal start in January, data shows, with an average $840 saving for taxpayers.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
