Dogecoin dropped after US government clarified it has no connection to DOGE

Elon Musk dismissed speculation linking Dogecoin to the newly formed US Department of Government Efficiency (DOGE), calling the name coincidence purely accidental during his remarks in Green Bay.

The confusion emerged when Dogecoin's logo appeared on the DOGE website in February, triggering a 14% price surge for the token. Elon Musk clarified the department, launched in 2024 under President Trump, focuses exclusively on streamlining federal expenditures, including reforms to USAID and the CFPB. These measures have ignited widespread controversy, prompting lawsuits and affecting environmental programs.

Following Musk's clarification, Dogecoin dropped 3.2% overnight to $0.16.

The White House has appointed Elon Musk as a senior advisor in a non-executive capacity, but Trump names him as head of DOGE. Musk confirmed both roles are voluntary and uncompensated. This is reported by CoinMarketCap.