The head of the Department of Government Efficiency (D.O.G.E), Elon Musk has confirmed that the United States government will not invest in Dogecoin. In a statement on Monday, the Tesla CEO debunked connections between the meme coin and the new US government agency. 

More so, “DogeDesigner,” a user on X who often shares inside information about the social media platform, Dogecoin and D.O.G.E revealed the development. While emphasizing that there is no connection between the two, the Tesla boss recalled the process of selecting the name. 

He discussed how he wanted to name the agency “Government Efficiency Commission” before having a rethink that it would be “super boring.” Further, the world’s richest man said he consulted the online community before reaching the decision to name the body Department of Government Efficiency similar to D.O.G.E.

In his submission, Musk stated that Dogecoin and D.O.G.E are two different things with similar names. He went on to narrate how the agency is commissioned to reduce government expenses as part of Donald Trump’s administration to drive the US economy. 

According to Elon Musk, Trump tasked the D.O.G.E to make the US government more efficient by 15%. Meanwhile, the Dogecoin community remains divided over the latest statement by the Tesla and SpaceX boss.

So far, the statement has generated so many reactions including one X user with the name “Dogecoin is the Future” who accused Musk of abandoning the meme coin. On the flip side, another user identified as Alpha Doge opined that decentralization wouldn’t be possible if the government didn’t separate Dogecoin from the new US department.

In their agent, the user compared the separation to how the church must be separated from the government. 

Side note on Dogecoin 

However, in recent times, Elon Musk has become an unpopular figure among meme coin enthusiasts. Last month, the Tesla CEO made a controversial comment by likening meme coins to casinos. 

Musk said meme coins are risky investments urging investors to avoid putting their money into these types of tokens. He went on to mention Dogecoin as a standout token, explaining that DOGE ($0.18) despite flagging off as a meme coin has left the status. 

Similarly, the tech guru said DOGE has matured into a popular meme coin. Lately, DOGE has been struggling to gain traction, enduring a huge price dip. As per CoinmarketCap, in the last 30 days, DOGE lost more than 19.45%, trading at $0.1634 as of press time. 

Read More:

• 1inch, Infinex collaborates to enhance free swap option for users
• Coinbase reenters Indian crypto market, enthusiasts optimistic exchange will serve better than WazirX
• XRP ($2.20) Ledger introduces new update for enhanced security features

The post Elon Musk confirms US government won’t invest in Dogecoin, other meme coins appeared first on BinBits.