AsianFin -- Elon Musk has denied speculation that the U.S. government plans to adopt Dogecoin, following rumors sparked by the creation of the Department of Government Efficiency (DOGE). Speaking at a town hall in Green Bay, Wisconsin, Musk clarified that there is no connection between the department and the meme-based cryptocurrency.

"There are no plans for the government to use Dogecoin or any cryptocurrency, as far as I know," Musk stated, explaining that while the names are similar, their purposes are entirely different. He emphasized that the DOGE department is solely focused on improving government efficiency.

Speculation initially arose in February 2025, when the department’s official website briefly displayed Dogecoin’s Shiba Inu mascot. The incident fueled rumors that Dogecoin might be involved in government initiatives, causing its value to jump 14%. However, Musk quickly dismissed the idea, reiterating, “We’re just literally trying to make the government 15% more efficient.” Following his comments, Dogecoin’s price dropped by 3%.