Dogecoin Skyrockets 20% Following Trump and Musk Collaboration

Dogecoin surged nearly 20% after President-elect Donald Trump appointed Elon Musk to lead a new "Department of Government Efficiency" (DOGE), causing the meme cryptocurrency to become the sixth-largest by market capitalization. The appointment, alongside former GOP candidate Vivek Ramaswamy, aims to streamline government operations. Musk, a vocal supporter of Trump, has been tasked with advising on reducing federal spending and bureaucracy. Dogecoin's value has more than doubled since Election Day, significantly outperforming Bitcoin's recent gains.