Did Elon Resign From DOGE? Dogecoin Millionaires Go Broke With Elon Musk

Did Elon Resign From DOGE? No, not yet. But anathema is mounting, especially new criticism from crypto investors that Elon, a non-American noncitizen, used the U.S. Presidency (with Trump’s approval) to shill Dogecoin to Americans, using Americans buying on the DOGE govt entity news as blatant exit liquidity.

What started as a tongue-in-cheek nod to Dogecoin now seems more deliberate. Musk insists the agency has nothing to do with the meme token, but the crypto world isn’t buying it.

The absence of corruption lawsuits around DOGE cases raises more questions than answers. The department’s true intent and Musk’s agenda remain wide open for debate.

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Did Elon Resign From DOGE? The D.O.G.E. Name Confusion

Musk didn’t overthink naming the Department of Government Efficiency. The internet told him to ditch “Government Efficiency Commission” for something better, and he listened.

But February 2025 added potential SEC troubles into the mix. Dogecoin’s iconic Shiba Inu briefly appeared on the department’s site, driving the token’s value up 14%. The reaction was instant, but Musk was just as quick to deny any link.

“There are no plans for the government to use Dogecoin or anything, as far as I know,” Musk clarified at a town hall meeting in Green Bay, Wisconsin. “We’re just literally trying to make the government 15% more efficient.”

Dogecoin Millionaire Numbers Drop

While the association with D.O.G.E. initially buoyed Dogecoin’s value, broader economic factors have had a more lasting impact. According to recent data, the number of Dogecoin millionaire addresses plummeted by 41.37% between January 21 and March 31, with over 964 addresses disappearing.

(Finbold)

This decline mirrors a 50% drop in Dogecoin’s price during the same period, signaling waning enthusiasm for the token. The most significant collapse came from mid-tier holdings, where addresses containing between $100,000 and $999,999 in DOGE dropped nearly 50% in just over two months.

Despite these numbers, smaller holders seem undeterred, with many continuing to make small bets on the meme token’s future.

Wider Implications for the Crypto Market

Musk’s clarification that DOGE, the department, has no direct connection to Dogecoin has left fans disappointed but pragmatic.

Dogecoin’s shrinking pool of millionaires likely points to the broader crypto slump, not Musk’s remarks.

His advisory position at D.O.G.E., while largely symbolic, adds a layer of intrigue. Created in the Trump era to pare down government costs, the department has yet to show tangible results outside the initial USAID controversy. Musk’s flair for branding may grab attention, but its real significance remains unclear.

What This Means for Dogecoin

While Musk clarified that the department is unrelated to Dogecoin, his association with the token continues to affect sentiment within the market. The recent dip serves as a reminder of the volatile nature of cryptocurrencies where celebrity influence can cause brief surges but not necessarily sustain long-term growth.

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