Today, Dogecoin (DOGE) price has dropped after Elon Musk's statements that the US government will not support DOGE. Musk also explained the origin of the DOGE name, highlighting its internet-based inception.
DOGE Price Drops
At the moment of writing, Dogecoin is trading above $0.16, with a market cap of over $24.5 billion. The coin is down by over 3% in the past 24 hours, following Elon Musk's statements. DOGE fell from over $0.17, where its market cap was above $25.5 billion. DOGE reached its all-time high on May 6, 2021, when its price surpassed $0.65.
Explaining the Naming of DOGE
Yesterday, during the meeting, Musk mentioned that the name of the Department of Government Efficiency (DOGE) came from suggestions on the Internet. The previous name was the Government Efficiency Commission. According to Musk, the names are similar, but they perform different functions, with the DOGE department aiming to increase government efficiency by 15%.
Speculations Around DOGE
The initial announcement of the department's name triggered industry speculation, suggesting possible involvement of the DOGE coin, particularly as Musk is a long-time supporter of the asset. The memecoin's logo appeared on the cabinet's official website following Trump's inauguration on January 20, 2025. The department targeted various US government agencies, such as the US Agency for International Development and the IRS, initiating massive layoffs. DOGE claims it has saved the US government a total of $130 billion, equating to approximately $807 per taxpayer.
Elon Musk's statements once again impacted Dogecoin's price, highlighting the continued volatility of the memecoin. Explanations of the DOGE name's origin added intrigue to the ongoing discourse initiated by industry speculations.
