Elon Musk, the CEO of Tesla, dismissed rumors about any connection between Dogecoin (DOGE) and the U.S. Department of Government Efficiency (D.O.G.E), causing disappointment in the digital currency community. Musk also raised another point about Dogecoin that may have dashed the expectations of its fans and holders. He explained why the new government entity, which is now in charge, chose a name similar to Dogecoin. Initially intended to be named the ‘Government Efficiency Commission,’ Musk found this name ‘quite boring.’ Therefore, after consulting with the online community, its name was changed to the ‘Department of Government Efficiency,’ abbreviated as D.O.G.E, similar to Dogecoin. Musk stated, ‘There is a name similarity between Dogecoin and D.O.G.E, but they have no relation; our real goal is to increase government efficiency by 15%.’ About a month ago, Musk expressed a critical view of meme coin markets, likening them to gambling. He warned investors not to invest their life savings in these digital currencies. However, he considered Dogecoin an exception and stated that DOGE initially started as a meme coin but has now evolved into something more than just a popular digital currency. Musk continues to support Dogecoin but has recently tweeted less about it and focused more on the Department of Government Efficiency.
