Dogecoin’s (DOGE) explosive rally, which has seen its value skyrocket over 500%, took an unexpected twist on Tuesday when President-elect Donald Trump unveiled the Department of Government Efficiency (DOGE). The announcement has turned a playful meme into a bold political statement.

Trump named Elon Musk and Vivek Ramaswamy as the co-leads of the department, which aims to overhaul the federal government’s structure by cutting waste, simplifying bureaucracy, and injecting a spirit of entrepreneurship into public administration.

“Elon and Vivek will bring innovation and efficiency like we’ve never seen before,” Trump declared on Truth Social. “This is the kind of big thinking America needs to win again—cut the nonsense and put taxpayer dollars to work.”

Musk took to X to elaborate, promising that the department’s processes would be transparent, with regular updates and even a “leaderboard” of the most absurd examples of government spending. “This isn’t just reform; it’s revolution,” Musk quipped.

DOGE, the cryptocurrency inspired by a meme, has surged as traders increasingly speculate on its symbolic connection to Trump’s initiative. With its price climbing 250% over the past month, the $1 target once considered outlandish now seems firmly within reach.

CoinDesk had earlier identified DOGE’s rising popularity among retail traders, fueled by its memetic potential and cultural relevance. Tuesday’s announcement has cemented its position as more than just a joke, positioning DOGE as a token of optimism in the crypto and political spheres alike.