Dogecoin rises to near three-year high after Trump names Musk to new government role

Dogecoin surged on Wednesday, reaching levels not seen since 2021. This increase followed President-elect Donald Trump's announcement that Elon Musk will lead a new Department of Government Efficiency. Since Election Day on November 5, Dogecoin has risen by 150%, trading just below $0.17. The cryptocurrency's market cap peaked at about $70 billion in 2021 before dropping significantly. The overall crypto market has also seen gains, with Bitcoin surpassing $90,000 for the first time. Trump's election has sparked renewed interest in cryptocurrencies, with promises to enhance the U.S. crypto landscape.