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.

All actions of the Department of Government Efficiency will be posted online for maximum transparency. Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know! We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0