Dogecoin jumps 15% after Trump appoints Musk to lead new efficiency department

Dogecoin rose 15% on Wednesday after Donald Trump announced the creation of a Department of Government Efficiency, or DOGE, led by Elon Musk and Vivek Ramaswamy. This follows a surge of over 150% since the recent U.S. election. Musk's involvement is seen as a key factor in Dogecoin's rise, as he has a history of influencing its value. The cryptocurrency's market value reached $63 billion, surpassing major companies like Ford and MetLife. The broader cryptocurrency market is also experiencing significant gains, with Bitcoin nearing $92,000. Overall, the crypto market's total valuation has exceeded $3 trillion, reflecting a substantial increase since the election.