Elon Musk's 'Department of Government Efficiency' Tweet Indirectly References Dogecoin, Sparks Community Reaction

The Tesla and SpaceX CEO posted a tweet that reads, "Department of Government Efficiency," which could be abbreviated for short as "DOGE."

Elon Musk sparked a reaction in the Dogecoin community on Saturday with a tweet that made an indirect reference to the cryptocurrency.

Musk tweeted "Department of Government Efficiency," which could be abbreviated as "DOGE." The tweet also included an image of Musk displaying the acronym "DOGE."

"Department of Government Efficiency" pic.twitter.com/HFeHYNIkJN

The image appeared to be AI-generated and showed Musk wearing a stylish outfit. Musk is known for his playful use of language and acronyms, and this tweet is the latest example.

Earlier this month, Musk posted a similar message in a tweet that also sparked a response from the Dogecoin community.

The Tesla CEO has been making references to Dogecoin again in his recent playful posts, including responding to comments related to Dogecoin.

Musk and Tesla recently had a lawsuit dismissed that claimed they inflated the price of the cryptocurrency into a $258 billion "pyramid scheme."

Dogecoin price today

The price of Dogecoin is down in the last 24 hours, according to data from CoinMarketCap.

Cryptocurrencies continued to slide on Saturday, extending Friday's downturn that saw Bitcoin drop to its lowest point in a month.

Bitcoin briefly rallied after the weaker-than-expected nonfarm payrolls report before turning down again. While some cryptocurrencies are trading higher, others are falling, including Dogecoin, which is down 2.39% in the last 24 hours to $0.095. The dog-themed cryptocurrency is also down 6.28% in the last week.

Dogecoin, which features an image of a Shiba Inu dog and is the first meme coin, a type of cryptocurrency inspired by internet memes or jokes, hit an all-time high of $0.737 in May 2021, before crashing by about 87%.

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