Dogecoin jumps 20% as Trump announces Elon Musk-led agency

Dogecoin's value surged by 20% on Wednesday, reaching $0.43 per coin, more than double its price on Election Day. This increase follows President-elect Donald Trump's announcement of a new agency, the "Department of Government Efficiency," led by Elon Musk. Since Election Day, Dogecoin has more than doubled in value, surpassing XRP to become the sixth-largest cryptocurrency with a market cap of nearly $60 billion. In contrast, Bitcoin rose 30% during the same period, reaching an all-time high of $91,584. Musk and Vivek Ramaswamy will co-chair the new agency, which aims to advise the White House on reducing government waste and improving efficiency. Ramaswamy has withdrawn from a Senate race to focus on this role.