Musk Denies Dogecoin Use in Government Operations

Elon Musk has clarified that the U.S. government has no plans to use Dogecoin in its operations, despite the similar naming of the Department of Government Efficiency (DOGE), which he heads. This clarification, made during a rally in Wisconsin, has led to a decline in Dogecoin's price by 6%, underperforming other cryptocurrencies like Bitcoin and Ethereum. The DOGE initiative, launched by the Trump administration, aims to cut federal spending and has reportedly saved $130 billion since January. Musk's comments have quelled speculation about potential government use of Dogecoin, which further impacted its market sentiment. The initiative's ultimate goal is to save $2 trillion, with discussions on possibly distributing some savings as stimulus checks to Americans still ongoing.