Dogecoin Spikes 15% After Donald Trump Announces a DOGE Department

The department will task Elon Musk and Vivek Ramaswamy with cutting government expenditures.

Dogecoin price today got a boost from Donald Trump, who announced plans for a Department of Government Efficiency, or DOGE, during his presidency.

The former president announced the initiative in a statement on Wednesday, adding that Elon Musk and Vivek Ramaswamy will lead the effort to help Trump's administration cut government expenditures.

Dogecoin has soared more than 150% since the day after the US election.

Dogecoin's price has gotten a big boost since Donald Trump won the presidential election last week, amid a market-wide surge for cryptos of all types.

The dog-themed crypto had surged roughly 140% since November 6, the day after the election, through Tuesday. It added an additional 15% on Wednesday as of 11:15 a.m. in New York.

The latest move higher came on the heels of Trump officially announcing plans for a Department of Government Efficiency, or DOGE. He said Musk and Ramaswamy, will head the initiative, helping Trump's administration cut government expenditures. The acronym is viewed as direct nod to the token.

Musk's appointment to DOGE is seen as at least partially responsible for the meme token's climb on Wednesday, given the billionaire's enthusiasm for the token. In 2021, the billionaire branded himself as the "Dogefather," and has a reputation for sparking dogecoin rallies simply by commenting on it.

As of Wednesday morning, dogecoin's market value hit $63 billion, making it worth more than long-standing Wall Street staples such as Ford, MetLife, and Norfolk Southern.

Dogecoin is riding post-election momentum that has the entire crypto economy soaring. Trump — who has labeled himself as Washginton's first "crypto president" — is expected to introduce regulatory and legislative reforms that could bring a golden era to the crypto economy.

Bitcoin has also gained sharply from this, soaring to a fresh record of nearly $92,000 as of 10:30 a.m. ET on Wednesday.

Altogether, the broader crypto market now holds a total valuation of over $3 trillion, marking a gain of more than $700 trillion since the election.