Business tycoon and Department of Government Efficiency (D.O.G.E) head, Elon Musk, recently clarified that the US government has no plans to use the Dogecoin cryptocurrency.
Elon Musk On Dogecoin
At a town hall in Green Bay, Wisconsin, he explained that the Department of Government Efficiency (D.O.G.E.) is not connected to Dogecoin. Musk, who is an indirect advocate of the crypto $DOGE, said, “There are no plans for the government to use Dogecoin or anything as far as I know.” He added that the department’s name came from online suggestions, saying, “I was going to call it the Government Efficiency Commission, but that’s a boring name.”
For the uninitiated, the DOGE department was named on random suggestions by X users.
Speculations around Dogecoins’s general acceptance in US finance started floating around after D.O.G.E.’s website briefly featured Dogecoin’s Shiba Inu mascot. This feature triggered Dogecoin’s value to rise 14%.
In the past, Musk has faced US Securities and Exchange Commission (SEC) investigations in the past for promoting Dogecoin. However, his recent comments have had little impact. Dogecoin is currently trading at $0.1644, down 3.3% in the last 24 hours.
As for Musk’s involvement with D.O.G.E., the department was primarily created to cut government expenses. D.O.G.E. had been in constant news for carrying out mass layoffs and cut funding for programs related to climate change, diversity, inclusion and scientific research.
Also Read: Dogecoin Price Analysis: Will Short-Term Support Hold or Will $0.15 Be Tested?
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