Dogecoin surged nearly 20% on Tuesday night following President-elect Donald Trump's announcement of the new Department of Government Efficiency, abbreviated DOGE. Led by Elon Musk and Vivek Ramaswamy, the department aims to cut government bureaucracy and waste. Their mandate includes cutting regulations, minimizing wasteful spending, and restructuring federal agencies. Since Election Day, Dogecoin has skyrocketed 153%, compared to Bitcoin's 30% increase.