Both Trump and Musk are cryptocurrency fans and the new “Department of Government Efficiency” – Doge for short – is an apparent reference to that.
Shortly after the announcement Musk would lead the new body, he confirmed on X, external the Doge initialism was no coincidence, and indicated he took the idea from a joke on the platform earlier this year.
The name is also used by Dogecoin, a cryptocurrency created in 2013 by two software developers – Billy Markus from Oregon and Jackson Palmer from Sydney.
The currency was named after a well-known internet meme, which features a Shiba Inu dog affectionately dubbed Doge.
It soon attracted a loyal online following, including Musk, who has called it “the people’s crypto” in 2021, driving up its value.
He was sued after being accused of deliberately seeking to inflate its price to make money, though his lawyers succeeded in having that lawsuit dismissed earlier this year.
Dogecoin’s price often spikes when Musk mentions it publicly – though there has been no significant movement since Trump confirmed the body’s formation and the tech billionaire’s appointment.
