Dogecoin shot higher on Tuesday night after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency.

Wow, much bull market. Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been racing higher in value since Donald Trump won the presidential election last week.

Musk and Vivek Ramaswamy were appointed by Trump to lead DOGE, which will function as an advisory committee outside of the government.

Led by Elon Musk and Vivek Ramaswamy, the body announced by Trump would operate outside government and provide advice to the White House on cutting spending.

Elon Musk, one of dogecoin's biggest fans, has been named as a leader of the "Department of Government Efficiency"

All actions of the Department of Government Efficiency will be posted online for maximum transparency. Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know! We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0

Elon 'Dogefather' Musk will lead the Department of Government Efficiency (also called DOGE) alongside Vivek Ramaswamy.