Elon Musk's departure from the U.S. Department of Government Efficiency (DOGE) in May 2025 caused significant resonance, especially considering his close ties to the cryptocurrency Dogecoin.
Influence on Dogecoin
Although Dogecoin $DOGE and the Department of Government Efficiency (DOGE) are not directly related, the coincidence of abbreviations and Musk's active involvement in both projects contributed to associations between them. Musk's appointment as head of DOGE in November 2024 led to a temporary increase in the value of Dogecoin, highlighting the influence of his actions on the cryptocurrency market.
After his departure from DOGE in May 2025, there were no direct messages from Musk regarding Dogecoin, and no significant fluctuations in the exchange rate related to this event were recorded. However, his previous statements and actions have repeatedly influenced the value of the cryptocurrency.
Reasons for departure and consequences
Musk left DOGE after criticizing a new bill from the Trump administration, which he believed contradicted the goals of reducing government spending while increasing the budget deficit. He also expressed frustration regarding bureaucratic obstacles and resistance within the government.
His departure was accompanied by a decrease in investor confidence in his political initiatives, prompting Musk to focus on his technology companies such as Tesla, SpaceX, and xAI.
Conclusion
Although Elon Musk's departure from DOGE did not have an immediate impact on the value of Dogecoin, his actions and statements continue to play a significant role in the perception and dynamics of this cryptocurrency. Investors and observers should consider his influence when analyzing the Dogecoin market.
