Dogecoin shot higher on Tuesday night after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency.

All actions of the Department of Government Efficiency will be posted online for maximum transparency. Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know! We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0

ToplineDogecoin rose on Wednesday across a threshold the cryptocurrency has not eclipsed since 2021, after President-elect Donald Trump tapped Elon Musk—who has touted the token in recent years—to lead the new Department of Government Efficiency.