Elon Musk Dismisses Dogecoin Link to D.O.G.E., Warns Investors

Elon Musk, a known Dogecoin supporter, recently clarified that the Department of Government Efficiency (D.O.G.E.) has no ties to the meme coin, despite the name similarity.

He explained that the agency was initially set to be called the Government Efficiency Commission but was rebranded after public input. Musk also reiterated that the U.S. government has no plans to use Dogecoin or any cryptocurrency, emphasizing that D.O.G.E. is focused solely on improving government operations.

Beyond this clarification, Musk also shared his views on the meme coin market, likening it to a casino and cautioning investors against risking their life savings.

However, he singled out Dogecoin, stating that while it started as a meme, it has evolved into something more significant. His statements come at a time when DOGE has suffered a steep decline, dropping over 20% from $0.20480 to $0.16270 within days.

Despite the price drop and Musk’s warnings, he remains a vocal supporter of Dogecoin, though he has been less active in promoting it on social media.

His recent focus appears to be on the Department of Government Efficiency, with little mention of DOGE in his latest public statements. Still, his influence over the crypto market remains strong, with his words continuing to impact Dogecoin’s trajectory.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.