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

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

ToplineDogecoin rose on Wednesday across a threshold the cryptocurrency has not eclipsed since 2021, after President-elect Donald Trump tapped Elon Musk—who has touted the token in recent years—to lead the new Department of Government Efficiency.