Dogecoin Soars As Trump Picks Musk To Lead New 'DOGE' — Department Of Government Efficiency

Dogecoin— the so-called 'meme coin'— extended its rally after US President-elect Donal Trump confirmed the formation of the Department of Government Efficiency (DOGE) led by Billionaire Elon Musk and entrepreneur Vivek Ramaswamy.

The meme-crowd favourite cryptocurrency and a token promoted by Elon Musk rose as much as 32.5% on Tuesday and surged another 10% in early trade on Wednesday.

Before the election, Musk proposed that he would lead a Department of Government Efficiency, whose abbreviations seem like an apparent nod to the cryptocurrency.

Dogecoin briefly jumped after Donald Trump in a statement tasked the team to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Dogecoin has been one of the biggest winners of the 'Trump trade' rally post-election, gaining nearly 150% since election day compared to bitcoin’s 30% rise in the same period.

Musk's support and ongoing social media excitement helped Dogecoin gain traction in 2021 and have since served as a significant factor for the cryptocurrency's rally.

In support of all crypto tokens, Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry.

Trump's stance is a sharp break from a crackdown on the divisive industry by the Securities & Exchange Commission under President Joe Biden’s administration.

Meanwhile, the largest token, Bitcoin neared the $89,000 mark to lift the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under President-elect Donald Trump. Investors are lining up bets that Bitcoin will pass $100,000 as soon as the end of the year, according to Bloomberg.