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

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.

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