"The Department Of Government Efficiency (D.O.G.E.) is not affiliated with the Dogecoin (DOGE) cryptocurrency," Elon Musk said, speaking to participants of the America PAC super committee in Wisconsin.
The D.O.G.E. Department is a temporary U.S. federal agency created in January 2025 by decree of U.S. President Donald Trump. Elon Musk became the department's supervisor. The D.O.G.E.'s mission is to reduce government spending and restructure federal agencies.
"I was going to call it the Government Efficiency Commission, but it's super boring. The internet suggested D.O.G.E. I thought the internet was right here," Musk said.
Dogecoin is the first memcoin (mock cryptocurrency), launched back in 2013 as an ironic response to the growing number of new cryptocurrencies. But now it has a capitalization of about $24 billion and ranks eighth among all cryptocurrencies in this indicator. Since 2019, Elon Musk has periodically mentioned Dogecoin in his messages and speeches, and even calls the token his favorite coin.
Musk noted that the department's name really looks like a DOGE ticker. But, according to him, "the government has no plans to use Dogecoin or anything like that." The billionaire said that the D.O.G.E. department, in accordance with the name, is simply trying to make the government "at least 15% more efficient."
Nevertheless, in January, after the launch of the official D.O.G.E. website, the Dogecoin logo was displayed on it for several hours. This led to a 14% increase in the coin's exchange rate! Do you think this is a mistake? I doubt.
This time, Musk's comments caused almost no reaction from memcoin. Over the past 24 hours, Dogecoin has fallen in price by 4%, according to CoinMarketCap. This is comparable to the general trend in the market — the leading altcoins have also lost 3-5% in price.
In 2022, Musk was sued, accused of insider trading and market manipulation through the promotion of Dogecoin and public statements about it.
In August 2024, the judge dismissed this claim, saying that all the plaintiffs' statements were "far-fetched."
The investigation lasted 2 years, and then...? ...was it "helped to complete"?
Note that cryptomonets are promoted not only by Musk alone, but also by a number of other well-known individuals. They are really rocking the crypto market by manipulating it. Why would they do that? What can this lead to?
One thing is known, that all these actions of Musk smack of hidden advertising of Dogecoin memcoin.
Only you can draw conclusions.
Be healthy and please take care of yourself!
