President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (D.O.G.E) agency.
The D.O.G.E agency will focus on cutting bureaucracy, reducing regulations, and restructuring federal agencies.
Elon Musk has been a vocal supporter of Dogecoin, and the announcement of his role in the D.O.G.E agency has created bullish hype for the cryptocurrency.
After the announcement, Dogecoin experienced a parabolic spike, and some traders predict that it could reach $1 in price.