Musk denied the link between Dogecoin and the US government
Elon Musk stated that the DOGE (Department of Government Efficiency) is not related to the cryptocurrency, despite the similar name. Its goal is to increase the efficiency of government structures by 15%.
The name was suggested by internet users, proposing to replace the dull 'Commission on Government Efficiency' with something more vibrant.
In February, the Dogecoin mascot - Shiba Inu Kabosu - accidentally appeared on the DOGE website, which fueled rumors and raised the coin's value by 14%.