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

Musk and Vivek Ramaswamy were appointed by Trump to lead DOGE, which will function as an advisory committee outside of the government.

Dogecoin is surging in value since Donald Trump won the presidential election. The cryptocurrency, whose mascot is a super-cute dog that muses things like “much wow,” has more than doubled since Election Day.

Dogecoin 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.

Led by Elon Musk and Vivek Ramaswamy, the body announced by Trump would operate outside government and provide advice to the White House on cutting spending.

Elon Musk, one of dogecoin's biggest fans, has been named as a leader 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