The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending.

Dogecoin's price surged 7% after Elon Musk mentioned "D.O.G.E." during a Trump campaign event, referring to a proposed Department of Government Efficiency.

Elon Musk's D.O.G.E proposal during a Trump rally boosts Dogecoin by 10%, reflecting increased market interest.