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Elon Musk, Dogecoin fan and head of Tesla and D.O.G.E., has made a statement that refuted the expectations of the meme coin’s community about a possible connection between Dogecoin and D.O.G.E.
Besides, Musk said something else about Dogecoin that has perhaps upset many DOGE fans and holders. Part of Musk’s recent speech and a question-and-answer session was shared by the X user calling himself “DogeDesigner,” who seems to be close to Elon Musk. He often shares inside information about X and Dogecoin updates, as well as D.O.G.E.
Vladislav SopovU.S. government will not use Dogecoin, per Musk
Tech mogul Musk explained why he chose to name the new government agency that he is spearheading after his favorite meme coin. Initially, he said, the plan was to name it the Government Efficiency Commission. But that title proved to be a “super boring name,” the centibillionaire admitted. Therefore, after consulting the online community, a decision was made to name it the Department of Government Efficiency, which can be contracted to D.O.G.E., similar to the name of the cryptocurrency.
But Musk made it clear that the U.S. government does not have any plans to use Dogecoin or any other crypto, as far as he knows. These two have similar names – “the names are similar but they are doing two different things,” according to Musk. “We’re literary trying to make the government 15% more efficient,” he stressed.
Yuri MolchanMusk calls meme coins "casino"
Roughly a month ago, Dogecoin lover Musk shared a curious take on the meme coin market, lambasting meme coins and likening them to a casino. He warned investors against putting their life savings into meme coins.
Still, he mentioned Dogecoin as a standout here, saying that DOGE only started as a meme coin, implying that it has left that status behind and evolved into something much more than just a popular meme cryptocurrency.
Since last Wednesday, the largest meme coin, DOGE, has experienced a massive price crash, collapsing by more than 20% - from roughly $0.20480 to the $0.16270 level, where it is changing hands at the time of this writing.
Musk remains a strong supporter of DOGE, although he has been rarely spotted tweeting about it recently. He now seems to be focused on the Department of Government Efficiency.
Vladislav Sopov
Dan Burgin