President-elect Donald Trump announced Tuesday that Elon Musk and Vivek Ramaswamy will lead a new “Department of Government Efficiency” (D.O.G.E) in his second administration.

The DOGE initiative and Trump’s victory have acted as catalysts driving the price of DOGE upward.

Since Trump’s election on November 6, DOGE’s price has skyrocketed nearly 150%, pushing the market cap of this meme coin to $60 billion, placing it 6th in the industry.