Billionaire Elon Musk's Affiliation with Dogecoin: Evolution into the 'Dogefather' Figure
In a surprising turn of events, billionaire entrepreneur Elon Musk found himself at the centre of a unique government reform project inspired by the meme cryptocurrency, Dogecoin (DOGE).
The story began in the summer of 2024, when Musk proposed the idea of a "Department of Government Efficiency" (DOGE) to former President Donald Trump. The acronym was inspired by the popular Dogecoin meme coin, which Musk frequently promoted.
In October 2024, at a Trump campaign rally, Musk claimed that the DOGE initiative could potentially reduce federal spending by a staggering $2 trillion, surpassing the entire 2023 discretionary budget.
Following the U.S. presidential election in November 2024, Musk was announced as the lead for the DOGE project, with Trump likening it to the Manhattan Project. Musk also proposed consolidating numerous federal agencies to increase government efficiency.
In the early months of 2025, Musk served as a senior advisor to President Trump and acted as the de facto head of the DOGE initiative. The vision was to use DOGE to streamline government operations and cut significant spending.
Discussions emerged about a "DOGE dividend" stimulus payment plan, which aimed to return savings from government efficiency directly to taxpayers via a $5,000 check to 79 million households. However, the legislative process for such a bill was uncertain, and no clear timeline was set.
In May 2025, Musk announced plans to pivot away from Dogecoin in government efficiency work, coinciding with his working remotely after having pushed for federal employees to return to physical offices.
Following a public feud with Trump, Musk left the Trump administration in June 2025 and began shifting focus away from DOGE initiatives. This period included Musk publicly criticizing the Trump administration’s budget and calling for Trump's impeachment, highlighting a breakdown in their political collaboration.
Musk's involvement with Dogecoin evolved from promoting the meme cryptocurrency to embedding DOGE as a symbol in a broader government reform project under Trump. However, his role diminished by mid-2025 after disputes with Trump and changes in his political engagement.
Dogecoin, the biggest and oldest meme coin and the second-biggest proof-of-work cryptocurrency, experienced a surge in price when Musk expressed his support for Donald Trump's campaign for the White House in 2024. Musk even briefly branded himself as Dogecoin's CEO on Twitter in 2019.
Despite his departure from the government role, Musk's affinity for Dogecoin remains. He has recently reignited speculation over whether his companies might integrate Dogecoin or other cryptocurrencies for payments. The future of Dogecoin in the government sector remains uncertain, but its meme-inspired journey continues to captivate the cryptocurrency world.
[1] Source: The Washington Post [2] Source: CNBC [3] Source: CNN Business [4] Source: Forbes
- Elon Musk, known for promoting Dogecoin, proposed a "Department of Government Efficiency" (DOGE) to Donald Trump, inspiring the acronym from the popular meme coin.
- In the proposal, Musk suggested that the DOGE initiative could potentially save the federal government $2 trillion, surpassing the entire 2023 discretionary budget.
- During Trump's presidential campaign rally, Musk likened the DOGE project to the Manhattan Project, indicating its potential impact.
- Upon Trump's election victory, Musk was appointed lead of the DOGE project, with intentions to use Dogecoin to streamline government operations and cut spending.
- Discussions emerged about a "DOGE dividend" stimulus payment plan, aiming to redistribute savings from government efficiency to taxpayers.
- However, Musk's focus shifted away from Dogecoin in government efficiency work by May 2025, coinciding with the move towards physical offices and his public disputes with Trump.
- Despite leaving the government role, Musk continues to express his affinity for Dogecoin, fueling speculation about potential crypto payment integrations in his companies.