Dogecoin is making headlines after President-elect Donald Trump announced the creation of the Department of Government Efficiency on X this past Wednesday. This meme coin was worth 16 cents on Election Day and has since more than doubled to a high of nearly 39 cents earlier today.

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

These two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” said Donald Trump in a statement.