Recently, during a speech in Pennsylvania, Tesla CEO Elon Musk was asked about the possibility of getting involved in government efficiency oversight. When asked about his stance on implementing a Department of Government Efficiency, he did not hesitate to shorten the name to D.O.G.E, a joking reference to Dogecoin, a cryptocurrency that the Tesla CEO supports.
Musk stated that if DOGE were to be created in the future, it would be responsible for overseeing and controlling the spending of the US government. In Muskâs view, an agency of this nature, which receives billions of dollars from US taxpayers, should in return ensure that the money is spent in the best interests of US taxpayers. He expressed concern that much of this money is spent outside the country, an area he believes needs more oversight.
How the Dogecoin Community Reacted to Musk's Announcement
The discovery of DOGE has drawn the ire of the Dogecoin community, who have compared it to DOGE or government efficiency initiatives. However, Musk has created a stir by even mentioning government agencies, and many Dogecoin supporters have flocked to the comments section. This is especially evident in Muskâs track record when interacting with the Dogecoin community.
Musk has been quite open about his association with the Dogecoin token. He has been a supporter of the meme-coin and has reposted various Doge memes on his social media platforms. Some of his tweets have caused price changes in the cryptocurrency in the past, most notably in 2021 when the price of DOGE spiked to an all-time high after he tweeted: 'How much for Dogecoin?' on X along with a picture of himself dressed as 'The DogeFather.
Impact on Dogecoin Price
While Muskâs recent statements have excited the community, DOGE/USD has been sluggish over the past few months. Previously, Muskâs tweets related to the cryptocurrency were more frequent and had a sudden impact on the market. But the community remains loyal to Dogecoin, and any mention of DOGE, even in relation to government efficiency, has the effect of stirring up the base.