Donald Trump officially nominates Elon Musk for the position of Secretary of Government Efficiency President-elect Donald Trump announced that Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the newly created Department of Government Efficiency.

On the night of November 12 (local time), Dogecoin price increased and continued its streak of price increases after President-elect Donald Trump announced the establishment of the Department of Government Efficiency (DOGE).

Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead DOGE.

Together, they “will pave the way for my administration to dismantle government bureaucracy, cut redundant regulations, cut wasteful spending, and restructure federal agencies,” Trump said in a statement on the evening of November 12.

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Dogecoin is Elon Musk's favorite cryptocurrency. Photo: CoinGape

Dogecoin has been one of the biggest beneficiaries of the post-US presidential election cryptocurrencies. It has increased in price by 153% since election day, while Bitcoin has increased in price by about 30% and also surpassed XRP this week to become the 6th most valuable cryptocurrency on the market.

Memecoins are highly volatile cryptocurrencies that reflect the risk appetite of retail investors.

Mr. Trump revealed the idea of ​​the Efficiency Committee in September. Since then, Elon Musk – who calls himself “Dogefather” and often comments on Dogecoin – has not missed the opportunity to mention the group on social network X and abbreviated it as “DOGE”.

Dogecoin emerged in 2021 after Musk's constant promotion. The price of the coin "fluctuated" violently with each comment of the world's richest billionaire.

The rest of the cryptocurrency market is quiet after a series of "spirited" days. Bitcoin is trading around $87,000 after hitting $90,000 in late afternoon trading.

(According to CNBC)