Elon Musk Puts an End to Dogecoin Integration Speculations in D.O.G.E. Project
Elon Musk has officially declared that Dogecoin will not be used in the D.O.G.E. project, putting an end to rumors of institutional integration of the cryptocurrency.
The name and logo of the Department of Government Efficiency were partly chosen by the online community, deliberately creating confusion with Dogecoin.
The immediate backlash was felt as Dogecoin dropped by 4.3% after Musk’s clarifications, while D.O.G.E. continues to show tangible results with $130 billion in savings.
An Orchestrated Confusion with the Project’s Name and Logo
Since its official launch in January, the Department of Government Efficiency (DOGE) has quickly become one of the most talked-about projects in the Trump administration. Led by Elon Musk, the resemblance to the famous meme coin Dogecoin, which he had long supported, has sparked speculation. The brief appearance of the Dogecoin logo on the official D.O.G.E. website the day after Trump’s inauguration only fueled these rumors.
However, during a town hall organized by America PAC in Green Bay (Wisconsin) on Sunday, Elon Musk put an end to the ambiguity:
There is absolutely no plan for the government to use Dogecoin or anything like that.
This statement definitively crushes the hopes of investors who were banking on institutional adoption of the cryptocurrency.
A Name Chosen by… the Internet
If the confusion persisted, it is also because Musk intentionally or unintentionally perpetuated it from the start. “I was thinking of calling it the Commission for Government Efficiency, but that’s just too boring,” he explained.
Then the internet told me it should be called the Department of Government Efficiency. And I thought the internet was right.
The name, forming the acronym DOGE, was enough to trigger speculative frenzy.
Elon Musk has regularly expressed his interest in Dogecoin through various public actions. In April 2023, he temporarily replaced the Twitter logo with the image of Doge, resulting in a significant increase in the cryptocurrency’s value. Furthermore, his frequent tweets about Dogecoin have often caused notable fluctuations in its price. This repeated association between Musk and Dogecoin has contributed to the confusion regarding the potential integration of the cryptocurrency into D.O.G.E., a government initiative aimed at improving the efficiency of public spending.
A Dogecoin Surge… Without Concrete Foundation
The announcement of D.O.G.E. last August caused a sudden surge in the value of Dogecoin, reigniting interest in the iconic meme coin. Many clones and derivative tokens even emerged, riding the wave of this news. However, this momentum was solely based on speculation, which is now clearly debunked.
In just 24 hours, Dogecoin declined by 4.3%, following a broader crypto market downturn. A harsh awakening for investors who were hoping for new growth through DOGE.
A Project with Real Impact Despite the Confusion
Beyond the buzz and symbols, the Department of Government Efficiency has tangible results. Officially launched in January, the organization already claims nearly $130 billion in savings on public spending. According to the figures provided, this would represent an average saving of $840 per American taxpayer.
The project, despite being controversial and non-governmental, embodies one of the most ambitious attempts to rationalize US public spending. And while Dogecoin will not be part of it, it has once again proven its ability to influence markets… solely through the power of storytelling.
