Dogecoin Soars After President-Elect Donald Trump Announces the Creation of the Department of Government Efficiency (DOGE)

This meme coin was worth 16 cents on Election Day and has since more than doubled to a high of nearly 39 cents at the time of writing.

Dogecoin price has more than doubled since Election Day, likely due to President-elect Donald Trump's announcement of the Department of Government Efficiency (DOGE). This department doesn't exist yet.

What happened: Dogecoin price skyrocketed on Wednesday after President-elect Donald Trump announced the creation of the Department of Government Efficiency. This acronym is the same as the cryptocurrency dogecoin.

Dogecoin was trading at around 16 cents on Election Day and rose to a high of nearly 39 cents at the time of writing, according to CoinMarketCap. However, it's still less than half as valuable as its all-time high of nearly 69 cents back in May 2021.

This department will be co-led by Elon Musk and Vivek Ramaswamy, a former Republican presidential candidate. Its goal is to find ways to reduce government spending to "drive large-scale structural reform," according to Trump.

This department is not likely to launch as an official government department. Establishing an official government department requires an act of Congress.

Dogecoin price has seen a slight uptick in spring of this year and has soared since then. Cryptocurrency values for other digital coins have also been increasing since Trump's presidential victory last week.

In July, Trump announced at a bitcoin conference that he wants to make the US the "crypto capital of the planet."