Yesterday, Musk specifically clarified the distinction between the federal "Department of Government Efficiency (DOGE)" and Dogecoin at a town hall event held in Green Bay, Wisconsin.
He stated, to my knowledge, the (U.S.) government has no plans to use Dogecoin. Although the names are similar, it's purely a coincidence; we really just want to improve government efficiency by 15%.
DOGE has dropped by 4.1% in the last 24 hours.
At one point, it fell to a low of $0.1627, but the current trend in the cryptocurrency market is generally downward, and DOGE's decline may be partly influenced by the overall crypto market.
As of press time, it is reported at $0.16353, down 4.1% in the last 24 hours.
Has DOGE become a stumbling block for Musk's career?
Since Musk officially took charge of DOGE, the department's drastic cuts to federal government personnel and budget have caused quite a backlash.
In addition, it seems that due to Musk's political actions, there have been many anti-Musk protest waves in the United States and abroad. All of Musk's Teslas have also become targets of public anger, with incidents of malicious car vandalism and protests occurring frequently, further leading to a continued decline in Tesla's stock price recently.
Host Larry Kudlow asked: "Now that you are the head of DOGE (Department of Government Efficiency), it’s equivalent to giving up other ventures. How are you managing your businesses now?"
Musk responded with a wry smile: "It's very difficult." However, he emphasized that his goal in joining the government is to improve administrative efficiency, eliminate waste and fraud, and that progress is currently going well. He stated:
"The amount we've saved each day has exceeded $4 billion, which is a very significant achievement."