Dogecoin skyrocketed by over 10% to $0.3869 in early Asian trading after U.S. President-elect Donald Trump announced Elon Musk and Vivek Ramaswamy would lead the new Department of Government Efficiency (DOGE). The name "DOGE" is a nod to Musk's favorite cryptocurrency. This announcement boosted investor confidence, contributing to a 142% rise in Dogecoin since Trump’s 2024 election win. While Dogecoin is still 12% below its recent high, it outperformed Bitcoin and Ethereum this week. Experts link the surge to Musk’s support and Trump’s pro-crypto stance.