Incoming President Trump announced he will create a new agency to “operate outside the government” to be run by Elon Musk and Vivek Ramaswamy. The so-called “Department of Government Efficiency” or “DOGE” (named the same as a meme bitcoin) will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” The name DOGE is an obvious reference to a cryptocoin created as a satire as the first “dog cryptocurrency”. Musk, who has been instrumental in building the value of the meme coin, was previously sued for allegedly manipulating Dogecoin for insider profits. Musk won the lawsuit, which was on appeal. Dogecoin has surged since the election. Update: The Dogecoin appeal was withdraw on November 14, 2024.