Elon Musk Says D.O.G.E. Agency Has Nothing to do With Dogecoin

In a recent town hall meeting in Green Bay, Wisconsin, Elon Musk clarified the confusion surrounding the Department of Government Efficiency and its connection to Dogecoin. Despite the similar name, Musk emphasized that the government has no intention of using Dogecoin or any cryptocurrency. Name Inspired by Online SuggestionsHe explained that the naming choice was inspired by online suggestions and was designed to make the departments focus on improving government efficiency more engaging. Musk noted that while the names resemble each other, the department's goal is simply to enhance government operations by 15%.Meanwhile, the department's website briefly showcased the Dogecoin mascot earlier this year, sparking rumors about a crypto connection. However, Musk firmly dismissed any such link, stating that the focus remains on boosting efficiency within federal agencies, not on promoting digital currencies.Dogecoin in Ghibli StyleRecall that Elon Musk recently made waves in the Dogecoin community once more after posting a parody image inspired by The Lion King, crafted in the distinctive Ghibli animation style.The image featured the Shiba Inu, Dogecoins iconic mascot, held aloft in a nod to the famous scene from the animated film. Following Musks tweet, the price of DOGE saw a notable 14% increase over the past week, pushing the crypto closer to a key resistance point of $0.21.https://twitter.com/elonmusk/status/1905025427384807617D.O.G.E. Cuts and ControversyThe launch of the Department of Government Efficiency has been met with significant controversy, especially following layoffs and drastic cuts to funding in key areas. Affected agencies include the U.S. Agency for International Development (USAID), the Consumer Financial Protection Bureau (CFPB), and the Social Security Administration (SSA). These cuts primarily target climate change programs, scientific research, and diversity, equity, and inclusion initiatives. Notably, many of the government employees laid off have filed lawsuits challenging their dismissal, with some courts ordering their reinstatement.Despite these actions, Musk and his team downplayed the impact of the cuts. According to Musk, a small percentage of the government workforce has been affected, with many leaving voluntarily through buyouts. He assured the public that most employees have not been fired. The department claims to have saved Americans $130 billion so far, equating to roughly $807 per taxpayer.

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"Weird" $100,000 Elon Musk Statue Shows How Far Some Will Go for the CHANCE Musk Will Mention Their Token in Tweet...

It's widely known that a tweet from Elon Musk can move the market, and that's the entire idea behind a coin called 'Elon GOAT' (GOAT = Greatest of All Time) as their budget goes to funding this strange attempt at getting Elon's attention - or more importantly, his reaction. 

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Top 3 Dog Tokens to Consider Buying After The Crypto Bear Market is Over

The crypto crash is presently disturbing the minds of investors. In this article, we will explore the top 3 dog tokens to consider buying after the bear market is over

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Elon switches Twitter picture to BAYC but wasn’t impressed! Crash soon?

Elon switches his profile picture on his Twitter account and added a picture relating to a well-known NFT project. Why wasn't he impressed?

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Will Elon's Plans For Dogecoin in Twitter Send it New ALL TIME HIGHS?

Google searches for "Buy Dogecoin" and "How to Buy Dogecoin" increased by over 300% on the day Musk and Twitter announced they had reached an agreement. Likewise, the search term "What is Dogecoin?" was up by nearly 250%.

Which is already a bit funny - more people were looking for info on buying it than info on Dogecoin itself, which tells us that after this past year, most people know what it is. 

Twitter already has a subscription option called 'Twitter blue' that doesn't offer much benefit, just some additional customization (layout, colors) and removes ads from articles read through the Twitter app. 

Musk seems to be proposing using this as a starting point, then allowing paid subscribers to verify their identity, getting that blue checkmark. For this, he has said that Twitter should accept users' monthly fees in Dogecoin (as well as all the usual payment methods). 

DOGE's die-hard supporters see many more places where their favorite coin can fit into Musk's vision for Twitter.

Twitter offers monetization options, such as select accounts being able to run ads on their videos or live streams. People can put locked content on their profiles that only paid subscribing followers are able to view, and virtual live events can sell virtual 'tickets' to attendees. 

In a perfect world, Doge would be an option for all of these transactions - BOTH ways.

One DOGE supporter on reddit pointed out: Twitter is global. Why deal with countless national currencies when you can get everyone on the 'doge standard'?

The reason it isn't so farfetched: Musk just spent a lot of his own money, and risked even more in Tesla stock to make this happen. He put up billions of dollars' worth of Tesla shares as collateral, then took out loans to cover the rest. 

Also keep in mind that he wants to take Twitter private, - meaning Twitter will no longer be tradeable on the stock market.  While that makes a huge difference in the amount of control he will have as the company owner, it also means if his plan is successful, there won't be any stock rising in value along with it to give him another source for billions on demand like he has with Tesla.

So, while there may not be Twitter stock on the market - he probably does have a huge stash of DOGE, which would be trading 24/7 with or without him. He's never stated how much he owns but keep in mind that a billionaire investing millions is like an average person investing hundreds. Would you still have bothered to join an exchange if your budget to invest was under $100? Probably not.

With all this in mind, and assuming he is sitting on a fairly large stash of DOGE - there's no reason for him to pass up the opportunity to send Doge's price soaring - legally too.  Musk knows to stay away from telling people to 'invest' in Dogecoin, or even hint that people will make a profit. 

If he uses Twitter to create more ways to use Dogecoin and draws attention to them, the press will take it from there.  I can already imagine hundreds of articles along the lines of "The next Bitcoin?! The Crypto Coin Elon Musk Is Obsessed With?" - and while it isn't the next bitcoin, it still may have some surprises of its own for us soon.

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

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Will Elon's Plans For Dogecoin Usage within Twitter Send the Coin To New ALL TIME HIGHS?

Google searches for "Buy Dogecoin" and "How to Buy Dogecoin" increased by over 300% on the day Musk and Twitter announced they had reached an agreement. Likewise, the search term "What is Dogecoin?" was up by nearly 250%.

Which is already a bit funny - more people were looking for info on buying it than info on Dogecoin itself, which tells us that after this past year, most people know what it is. 

Twitter already has a subscription option called 'Twitter blue' that doesn't offer much benefit, just some additional customization (layout, colors) and removes ads from articles read through the Twitter app. 

Musk seems to be proposing using this as a starting point, then allowing paid subscribers to verify their identity, getting that blue checkmark. For this, he has said that Twitter should accept users' monthly fees in Dogecoin (as well as all the usual payment methods). 

DOGE's die-hard supporters see many more places where their favorite coin can fit into Musk's vision for Twitter.

Twitter offers monetization options, such as select accounts being able to run ads on their videos or live streams. People can put locked content on their profiles that only paid subscribing followers are able to view, and virtual live events can sell virtual 'tickets' to attendees. 

In a perfect world, Doge would be an option for all of these transactions - BOTH ways.

One DOGE supporter on reddit pointed out: Twitter is global. Why deal with countless national currencies when you can get everyone on the 'doge standard'?

The reason it isn't so farfetched: Musk just spent a lot of his own money, and risked even more in Tesla stock to make this happen. He put up billions of dollars' worth of Tesla shares as collateral, then took out loans to cover the rest. 

Also keep in mind that he wants to take Twitter private, - meaning Twitter will no longer be tradeable on the stock market.  While that makes a huge difference in the amount of control he will have as the company owner, it also means if his plan is successful, there won't be any stock rising in value along with it to give him another source for billions on demand like he has with Tesla.

So, while there may not be Twitter stock on the market - he probably does have a huge stash of DOGE, which would be trading 24/7 with or without him. He's never stated how much he owns but keep in mind that a billionaire investing millions is like an average person investing hundreds. Would you still have bothered to join an exchange if your budget to invest was under $100? Probably not.

With all this in mind, and assuming he is sitting on a fairly large stash of DOGE - there's no reason for him to pass up the opportunity to send Doge's price soaring - legally too.  Musk knows to stay away from telling people to 'invest' in Dogecoin, or even hint that people will make a profit. 

If he uses Twitter to create more ways to use Dogecoin and draws attention to them, the press will take it from there.  I can already imagine hundreds of articles along the lines of "The next Bitcoin?! The Crypto Coin Elon Musk Is Obsessed With?" - and while it isn't the next bitcoin, it still may have some surprises of its own for us soon.

------- 

Author: Justin Derbek
New York News Desk
Breaking Crypto News

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What Is The Best Crypto Wallet For Dogecoin DOGE?

Discover everything you need to know about the best crypto wallet for Dogecoin. Learn how to buy DOGE crypto. And check out how much Dogecoin does Elon Musk own

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Trader Nets $1M as Elon Musks Latest Name Swap Sends HARRYBOLZ Token Soaring

Elon Musks recent name change on X (formerly Twitter) has triggered another crypto market reaction. On Tuesday, the billionaire entrepreneur switched his display name to Harry Blz, marking the second time he has used this alias. His unexpected online activities have previously influenced digital assets, and this instance appears to follow the same pattern.https://twitter.com/thecryptobasic/status/1889260723211010484HARRYBOLZ Spike Following Musks ChangeShortly after Musk altered his display name, an obscure digital asset with the same title saw an immediate price surge. Lookonchain, a smart money tracker on X, shared data showing that HARRYBOLZ spiked to $0.025 following the update. The movement reflects a recurring trend where Musks social media actions correlate with sudden market reactions in the crypto space.Meanwhile, a trader identified as "LeBron," known for past profitable trades on tokens like MELANIA and TRUMP, capitalized on the latest development. The wallet initially acquired 128.8 million HARRYBOLZ for 25 SOL ($4,807) four days before Musks name change. The trader later sold 109.8 million HARRYBOLZ for 3,649 $SOL ($737,000), securing a total profit of approximately $1 million. He also retained 18.97 million HARRYBOLZ valued at $277,000 at the time of Lookonchain's report.For context, the name Harry Blz humorously plays on the slang phrase hairy balls, incorporating a cheeky twist in its wording.Traders Profitable History in Meme TokensThe same wallet previously made significant profits on two politically themed digital assets. Data indicates that the address benefited from a 1,000% increase in MELANIA, yielding a realized profit of $8.9 million. Meanwhile, the same wallet saw a 190% upside from TRUMP, resulting in a $3.2 million gain. Musk has a history of indirectly influencing the crypto market through spontaneous online activity. His previous display name change in December 2024 to "Kekius Maximus," a reference to internet meme culture, sparked similar reactions. That incident led to the creation of numerous digital assets, with KEKIUS being the most notable. The token skyrocketed to a $400 million market cap within a short period.Past Market Reaction to Musks AliasThe brief switch to Kekius Maximus fueled speculative trading. One investor turned $66 into $3.05 million in just 18 days, reflecting a 45,906x return. The trader initially acquired 10.17 million KEKIUS tokens for 0.017 $ETH ($66) and later sold 2.81 million tokens for 60.3 $ETH ($201,000), leaving 7.37 million tokens valued at $2.85 million.Musk has not provided an explanation for his latest display name changes or his updated profile pictures.

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Elon Musk Sends Kekius Maximus Coins Flying With X Stunt: Heres Whats Happening

Tesla and X CEO Elon Musk is no stranger to whipping up controversy with his social media antics, which occasionally have ripple effects on the crypto market.In the latest instance, the billionaire has sent the price of meme coins inspired by a Grok-created meme soaring with an X stunt. Here's what's happening.Elon Musk Changes ProfileOver the past 24 hours, Tesla CEO Elon Musk has whipped up a frenzy with changes to his X profile. Specifically, he changed his profile name to Kekius Maximus and his display picture to a picture of the Grok-created meme.For the uninitiated, Kekius Maximus is a Grok-generated meme that combines the famous pepe meme with Gladiator's Maximus character. Screengrab of Elon Musks X profileScreengrab of Elon Musks X profileThe meme had inspired several meme coins across the Ethereum and Solana blockchains, the oldest of which appeared to have launched 17 days ago. All of them have now soared to record highs following Elon Musk's X stunt. At the time of writing, the Solana version has risen by 16,000% over the past 24 hours, while the Ethereum version has risen by over 700%, per DEX Screener data. Each boasts market capitalizations of $1.6 million and $123 million, respectively.So what's happening, and why has Elon Musk changed this profile?Toying With Mainstream MediaDespite some reports suggesting that the move might be a sign of Musk's support for the meme coin, it appears to be part of a ploy to toy with mainstream news outlets following recent speculation that he has been using a burner account, "Adrian Dittman," to praise and defend himself on the platform.Following the profile change, the billionaire has enjoyed laughs about mainstream media reporting the situation.https://twitter.com/elonmusk/status/1873982205099401489 The inspiration for the choice of the Kekius Maximus name appears to have come from an interaction with Alex "ALX" Lorusso, executive producer of the popular right-wing podcast The Benny Show.Amid the debate over Musk's ties to Adrian Dittman, Lorusso joked on Monday, December 30, that if the Tesla chief had an alternative account, it would be called "Kekius Maximus or Biggus Dickus."Musk responded to Lorusso's post, stating that his only alternative accounts were "cybergamer" and "babysmurf9000," which he used to beta-test software. It is currently unclear if Lorusso has any significant ties to the Kekius Maximus meme coin beyond supporting it, perhaps for its ties to Pepe, which has controversial right-wing roots. His first post tied to the meme came on December 10.

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Who Let the DOGE Out? Elon Musk Shouts Out Dogecoin on Christmas Day

Tesla Chief and Dogecoin proponent Elon Musk gives a shout-out to the leading meme coin on Christmas Day.From regular mentions to payment support for merchandise, the world's richest man and Tesla CEO Elon Musk has long established himself as a champion of the popular doggy-themed meme crypto Dogecoin (DOGE). As such, it is no surprise that the billionaire did not miss the chance to shout out the popular crypto on Christmas day."Who Let the DOGE Out?"Amid the Christmas festivities, Tesla CEO Elon Musk took time out to offer a Dogecoin mention with a play on the lyrics of Baha Men's 2000 hit song "Who Let the Dogs Out.""Who let the DOGE out?" Musk wrote, captioning a photo of his dogs Gatsby, Marvin, and Floki in Christmas-inspired costumes in an X post on Wednesday, December 25.https://twitter.com/elonmusk/status/1871980130303918426But Musk's DOGE shout-out did not end there as keen-eyed observers were quick to point out that the cape on Floki, a dog that has also inspired a successful meme coin of its own, was decorated with Dogecoin logos.Many DOGE proponents and avid Musk followers are hopeful that the billionaire's latest show of support will have bullish implications for the meme coin's price. One observer pointed out that the last time the billionaire posted those words in reference to the meme coin, it went parabolic shortly after.The post in question came up February 7, 2021. Besides an immediate price surge on the day, DOGE kicked off a parabolic rally to all-time highs of $0.73 roughly two months after in a run many have attributed to Musk's unrelenting support and influence.There is no clear indication that such a rally is imminent as DOGE trades 5% lower on Thursday, December 26, at $0.3162. Over the past month, however, analysts have continued to predict higher prices for the asset, arguing that it is replicating its price action from the 2017 and 2021 bull cycles.While most DOGE proponents are okay with Elon Musk's support, the billionaire's antics have previously attracted a class action lawsuit bringing market manipulation claims. The lawsuit was dismissed with prejudice in August 2024.

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Elon Musk Reacts to Talks of SBF Receiving Presidential Pardon

Recent speculation on X has ignited discussions about the possibility of Sam Bankman-Fried (SBF), the embattled FTX founder, receiving an early pardon from the outgoing President Joe Biden.The conversation gained traction when widely followed influencer Wall Street Mav tweeted, The second-largest donor to the Democrats might receive an early pardon from President Biden, referring to SBF.Elon Musk ReactsThe tweet has garnered over 1.1 million views, attracting commentaries from various prominent figures like Elon Musk.In response to the speculation, Musk remarked that the real surprise would be if the rumor were untrue. I will be shocked if this doesnt happen, he stated.Musks comment aligns with his skepticism toward the current administration. A vocal critic of several policies and decisions by the Biden administration, Musk has frequently expressed his distrust.Notably, during the recent presidential election, Musk openly supported the opposition, led by Donald Trump, who ultimately secured the presidency. Trump will take office next month, promising significant policy shifts from the outgoing administration.https://twitter.com/elonmusk/status/1871091667518071173Bankman-Fried CrimesNotably, Bankman-Fried orchestrated a multi-billion-dollar fraud involving misappropriating customer funds. He faced charges including wire fraud, securities fraud, commodities fraud, money laundering, and campaign finance violations. He received a sentence of 25 years in prison in March 2024, in addition to three years of supervised release, with the judge ordering him to forfeit $11 billion.Now, due to his strong ties with the ruling class, particularly through his campaign donations, speculation is circulating in the crypto community that he could receive an early pardon.Can President Biden Pardon SBF?The U.S. president has the constitutional power to grant pardons for federal offenses. They include those related to drug offenses, financial crimes, tax evasion, and other violations of federal law.Since SBF faced conviction for orchestrating a fraud involving the misappropriation of customer funds and other crimes under U.S. federal law, he would be eligible for a pardon.Meanwhile, despite the online chatter, prediction markets paint a different picture. Polymarket, a decentralized platform for trading on real-world events, places the probability of President Biden pardoning SBF at only about 5%. This suggests that most market participants view this as a long shot.Notably, just two weeks ago, President Joe Biden granted clemency, which included pardons for 39 individuals and reductions of sentences for 1,499 others.

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Elon Musk Distances Himself From Dogecoin, Says Nothing Serious

Elon Musk recently distanced himself from serious crypto involvement, calling his Dogecoin interest mostly casual. At a recent Pennsylvania rally…

The post Elon Musk Distances Himself From Dogecoin, Says Nothing Serious first appeared on The Crypto Basic.

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Bitcoin Has Surged Over 1,000% Since Elon Musks First Tweet on BTC 

Today marks the anniversary of Elon Musk’s first public endorsement of Bitcoin on social media, during which the premier cryptocurrency…

The post Bitcoin Has Surged Over 1,000% Since Elon Musks First Tweet on BTC  first appeared on The Crypto Basic.

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Elon Musk Reveals His Attraction to Dogecoin: A Love for Humor, Dogs, and Memes

Dogecoin (DOGE) recently surged above $0.15 following a notable statement from entrepreneur Elon Musk. Although the uptrend quickly waned, with…

The post Elon Musk Reveals His Attraction to Dogecoin: A Love for Humor, Dogs, and Memes first appeared on The Crypto Basic.

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Musk It: Elon Musks Father Joins the Celebrity Memecoin Trend

Errol Musk, father of the world's richest man, Elon Musk, throws his weight behind a meme coin named Musk It (MUSKIT).With crypto's growing popularity and ease of adoption has come a controversial new wave of crypto assets called celebrity tokens or celebrity memecoins. Following President Donald Trump and First Lady Melania Trump's decision to jump on the trend a few weeks ago, it should probably come as no surprise that more of these types of assets may be set to come out of the woodwork.The latest to jump on the bandwagon is the supposedly estranged father of Tesla CEO and Dogecoin champion Elon Musk."Musk It"Errol Musk, father of the world's richest man, Elon Musk, is throwing his weight behind a memecoin named Musk It (MUSKIT).On Thursday, January 30, Fortune reported that Errol Musk and a business partner, Nathan Browne, intended to raise $150 million to $200 million from the project to fund a so-called Musk Institute dedicated to scientific pet projects of his choosing, including the development of flying cars.Interestingly, Musk It was not created by Errol Musk and his partner. The project was reportedly quietly launched by a Middle Eastern firm in December 2024. The Tesla CEO's dad and his partner reportedly joined after they had come up with the Musk Institute idea.Speaking to Fortune, Musk senior asserted that he was now ready to promote the project.No Links to ElonThe memecoin has no links to Tesla CEO Elon Musk, Errol and his partner asserted. The Tesla chief has reportedly long put intentional distance between himself and his father amid claims of abuse. Musk senior, however, denies these claims.Seemingly addressing possible issues that are likely to come with the public inadvertently linking the project with his son, he asserted:"I'm the head of the family. It really started with me in our familyI've been 'Musking It' for years."Despite trying to distance the project verbally from the Tesla chief, the senior Musk appears unconcerned that the project's branding could stir confusion.The website heavily features imagery and references linked to the Tesla chief's businesses, from a Tesla Cybertruck to his desire to take humanity to Mars with Space X. "MUSK IT MARS BASE OPENING SOON," the only caption on the page reads.Meanwhile, little is known about Musk It's token distribution, apparently even by Errol Musk.What is known is that the token was launched on the popular Solana meme coin generator pump.fun on December 6, per DEX Screener data. Solscan data further suggests that the token has a nearly 1 billion supply currently held by over 46,000 addresses. Less than 10% of holders control about 20% of the entire supply.Following Fortune's report, the token's value has shot up over 500% to about $0.006 at the time of writing, with a market capitalization of nearly $67 million.Musk Senior and Browne asserted that they only joined the project after receiving guarantees that it would not end up as another celebrity pump-and-dump coin. However, whether these guarantees will hold up remains to be seen as it would not be the first time a celebrity has offered investors such promises only to disappoint.

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Blockchain Could Track Federal Spending as Elon Musk Leads DOGE Effort

Elon Musk is exploring the use of blockchain technology within the newly formed Department of Government Efficiency (DOGE). The initiative is part of the Trump administrations broader push to modernize government operations and support digital assets. Musk, who heads the DOGE effort, has privately discussed the potential of a digital ledger to cut government costs. According to a Bloomberg report, sources indicate that blockchain could be used to track federal expenditures, enhance data security, facilitate payments, and manage infrastructure.People linked to DOGE have engaged with representatives from various public blockchains to assess their capabilities. However, it remains unclear which blockchain network, if any, will be selected. The discussions reflect the administrations commitment to digital innovation following President Donald Trumps recent executive order establishing a working group on digital assets.Created by an executive order on January 20, DOGE is tasked with modernizing federal technology to improve efficiency. The group operates alongside the White House Office of Management and Budget to recommend cost-cutting measures by July 4, 2026. Musks team, which includes approximately 100 volunteers recruited before the inauguration, has been developing software to support the initiative.Evaluating Blockchains RoleBlockchains potential to enhance transparency and accountability in federal operations has been a topic of discussion. A person familiar with the matter revealed that, in December, Trumps transition officials were presented with proposals on how blockchain could secure government data and track financial transactions. The idea aligns with Musks broader efforts to eliminate inefficiencies in government spending, an issue Trump has frequently highlighted.Various industries have utilized public and private blockchains, though large-scale adoption within government institutions remains infrequent. In recent years, corporations such as Walmart have experimented with private blockchain solutions, but many faced governance challenges. While blockchain offers transparency, experts caution that conventional databases might achieve similar results with fewer complications.Concerns over public blockchain use include the governments lack of control over ledger entries. Despite these challenges, institutions such as BlackRock and the California Department of Motor Vehicles have successfully integrated public blockchain networks for financial and data management. If adopted by DOGE, blockchain would be implemented on an unprecedented scale in U.S. government operations.Legal Scrutiny and Potential ChallengesRecall that on January 20, the Washington Post reported that the National Security Counselors, a public interest law firm, planned to file a lawsuit challenging DOGEs legality. The group alleges that DOGE violates a 1972 law requiring advisory committees to follow transparency and hiring guidelines. The lawsuit argued that DOGE should be classified as a federal advisory committee subject to oversight.Despite its leadership under Musk and Vivek Ramaswamy, DOGE is not officially recognized as a government entity. However, it has hired staff and operates near SpaceXs Washington offices. The complaint asserts that DOGE should comply with the Federal Advisory Committee Act, which mandates public meeting access and documentation of activities. The plaintiffs argue that these measures are necessary to ensure transparency in its recommendations to the executive branch.

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US DOGE Launches with Meme Coin Dogecoin as Mascot?

Dogecoin makes an appearance on the U.S. Department of Government Efficiency (DOGE) website only a day after its launch.When President Donald Trump unveiled the Department of Government Efficiency, nicknamed DOGE, as part of his "Save America" initiative to reduce government bloat and named Tesla CEO Elon Musk one of its leaders, many in the Dogecoin community were excited. Why? They expected the move to bring significant attention to the doggy-themed meme coin with the ticker DOGE.One day into the Trump administration, these Dogecoin proponents have not been disappointed.DOGE Puts Dogecoin in the Limelight Dogecoin has made an appearance on the U.S. DOGE website only a day after its launch.As of Tuesday, January 21, a day after Trump signed an executive order officially establishing DOGE as a non-governmental agency, visitors to its website are greeted by the Dogecoin logo with a caption that reads, "The people voted for major reform."Screengrab of US DOGE Official Website. Source: doge.govScreenshot of US DOGE Official Website. Source: doge.govSavvy crypto community members have also pointed out that the Dogecoin logo is embedded in the website's source code.The move comes as Tesla CEO Elon Musk is now set to be the sole leader of the advisory agency as Roivant Sciences founder and former Republican presidential candidate Vivek Ramaswamy has stepped down to pursue the Ohio governorship. Both men were initially slated to head the body in November 2024.From several mentions on X to accepting the meme coin as payment for merchandise across his companies, Musk has long been a Dogecoin champion. As such, the recent stunt may come as no surprise to crypto community members.However, that did not stop the asset from staging a 17% rally from $0.34 to $0.40 as the news spread, though the meme coin has now given away most of these gains to trade at $0.37 at the time of writing.What You Need to Know About DOGEDOGE was unveiled in November 2024 by President Donald Trump, who promised to cut excessive spending, reduce regulations, and reform federal agencies.At the time, Musk asserted that the agency would help cut a whopping $2 trillion in government spending, a target he has since reduced to about $1 trillion, dubbing the former an unlikely best-case scenario.While DOGE's promise has some excited, others, like outgoing Treasury Secretary Janet Yellen, have expressed doubt that it will be able to fulfill its mandate.Meanwhile, DOGE is also facing a lawsuit over transparency concerns from the National Security Counselors, a legal advocacy group.With Elon Musk increasingly tying DOGE's fortunes to Dogecoin, investors in the meme coin will hope that the agency enjoys significant success.

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New Lawsuit Threatens Elon Musks DOGE Over Transparency Concerns

A legal battle is brewing over Elon Musks Department of Government Efficiency, aka DOGE.According to the Washington Post, the National Security Counselors, a public interest law firm, is preparing to file a lawsuit claiming that DOGE violates federal transparency laws.It alleges that the group disregards a 1972 law requiring certain advisory committees to follow specific disclosure and hiring practices. Per the report, the lawsuit could become official as soon as Trump takes office today.DOGEs Structure Under ScrutinyNotably, DOGE is led by Musk and Vivek Ramaswamy, aiming to cut government regulations and spending programs. The group has hired staff and operates outside SpaceXs Washington offices. Despite its high-profile leadership, the panel is not a formal government entity. The incoming complaint asserts that DOGE should be considered a federal advisory committee (FACA), subject to strict regulations regarding public meetings, transparency, and balanced representation. The FACA law requires advisory groups to file charters with Congress, allow public access to meetings, and maintain detailed records of discussions. According to the complaint, DOGE has failed to comply with these essential rules.These actions, the plaintiffs argue, breach the FACA law. The National Security Counselors assert that DOGEs operations must be transparent. They argue this is necessary to ensure that the advice it provides to the executive branch is subject to public scrutiny and regulatory oversight.Supporters of DOGE Argue Against FACAMeanwhile, DOGE supporters, including Sam Hammond from the Foundation for American Innovation, have reacted to the FACA arguments. Hammond contends that the group does not qualify as a formal advisory committee. He further argues that the president has the right to seek advice from external experts without triggering FACA requirements.He asserts that DOGE aims to implement reform ideas within the White House, which would exempt it from FACA regulations. However, the incoming lawsuit maintains that the lack of formal processes and transparency around DOGE raises serious legal concerns.Meanwhile, the courts have long wrestled with balancing the need for transparency against the practical needs of the executive branch. While some private groups have been exempted from FACAs reach, the current lawsuit suggests that DOGEs role in advising the president on regulatory matters requires compliance with federal law.

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Will X have Crypto? Elon Musk Clarifies…

Will X have crypto: Following the storm of conjectures sparked by Elon Musk, the Tesla CEO has now come forward to clear the air.

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