The meme coin's price surged to $0.3869 at the start of trading in Asia on Wednesday, November 13, after U.S. President-elect Donald Trump announced on Tuesday that Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the newly established Department of Government Efficiency (DOGE).
The acronym "DOGE" hints at Musk's favorite cryptocurrency—Dogecoin. Trump's statement indicated that Musk and Ramaswamy will operate outside of the government to provide the White House with "advice and recommendations."
It remains unclear how the organization will function. It may fall under the Federal Advisory Committee Act, which dictates how external groups advising the government must operate and be accountable to the public.