Trump said in a statement that Tesla CEO Elon Musk and former Republican presidential candidate and co-founder of Strive Asset Management Vivek Ramaswamy will lead the department. Together, they will “pave the way for my administration to eliminate government bureaucracy, reduce excessive regulation, cut wasteful spending, and restructure Federal Agencies,” he said.

Dogecoin has been up 20% at one point. It is currently up 10.79% from yesterday.

Dogecoin has been one of the biggest winners of the post-election rally, gaining 153% since Election Day, compared to Bitcoin’s 30% gain in the same period. It also surpassed XRP this week to become the sixth-largest cryptocurrency by market cap. Its market cap is $57.49 billion.