Elon Musk Turns Bearish on Dogecoin? Claims U.S. Government Has No Plans for It

TradingKey - Elon Musk has stated that the U.S. government has no intention of adopting Dogecoin, raising doubts about the future of a Dogecoin spot ETF.  

Speaking on March 30 during a town hall meeting hosted by a political action committee, Musk addressed confusion between Dogecoin (DOGE) and the similarly named federal agency. 

Musk emphasized that the similarity is purely coincidental.  "It's a coincidence that their names are similar. We just want to improve government efficiency by 15%."  

The department’s name, “DOGE,” was inspired by Musk’s engagement with online communities. When the agency first launched its website, it featured Dogecoin as its avatar—fueling speculation about a deeper connection.  

Now, as a key figure in the Trump administration, Musk has publicly distanced Dogecoin from the efficiency department. This clarification suggests that Dogecoin is unlikely to be included in any future  U.S. cryptocurrency strategic reserve and casts doubt on the likelihood of the SEC approving a Dogecoin spot ETF.