On Tuesday night, President-elect Donald Trump appointed Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to lead the new administration’s Department of Government Efficiency, also known as D.O.GE. 

“Together, the two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement on X, calling the move essential to the “Save America” movement.

Dogecoin (DOGE), a crypto often closely tied to Musk’s social media musings, rose 6% ahead of the announcement before paring back gains. Doge is trading at $0.38, down 9.3% from its earlier Tuesday peak of $0.43, CoinGecko data shows.

Trump first floated the idea of Musk leading a government efficiency commission to audit federal agencies during a speech to the Economic Club of New York in September.

Like the rest of the crypto market, Dogecoin has gone wild since Trump won the 2024 U.S. Presidential election. On Sunday, Dogecoin hit a three-year high, rising 20% to $0.27. Dogecoin’s largest all-time high to date was May 8, 2021, when the original meme-coin hit $0.73. 

Other DOGE-themed meme coins also surged after Musk’s appointment, with the DOGE token rising 78.6% to $0.37, according to CoinGecko. The token had already risen 291% the previous week.

According to Trump, the Department of Government Efficiency will complete its work by July 4, 2026, a date he emphasized as essential, coinciding with the 250th anniversary of the Declaration of Independence.

“I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans,” Trump said.

Edited by Sebastian Sinclair