Co-led by Elon Musk, the Department of Government Efficiency (DOGE) aims to massively cut U.S. spending under President-elect Donald Trump.

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

Wow, much bull market. Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been racing higher in value since Donald Trump won the presidential election last week.

Elon Musk’s DOGE will advise on gutting federal departments and which staff should be fired if it deems they are a ‘massive waste’

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

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

Dogecoin, a cryptocurrency with a dog mascot and Elon Musk as one of its most famous fans, has surged in value since Donald Trump won the presidential election and announced a new government group nicknamed DOGE.

Elon 'Dogefather' Musk will lead the Department of Government Efficiency (also called DOGE) alongside Vivek Ramaswamy.