Dogecoin’s market value increased following President-elect Donald Trump’s revelation of the Department of Government Efficiency.

This department, nicknamed “Doge,” will be managed by Tesla CEO Elon Musk and Vivek Ramaswamy, focusing on cutting bureaucracy.

The cryptocurrency’s value rose nearly 20%, becoming one of the significant increases during the post-election period.

Since election day, dogecoin has climbed 153% in value, surpassing XRP to become the sixth largest by market capitalization.

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