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In a remarkable development triggered by the post-election cryptocurrency surge, dogecoin's market value now eclipses that of prominent companies like Ford and General Mills. This surge was further fueled by President-elect Donald Trump’s announcement on Tuesday, appointing Tesla CEO Elon Musk and Vivek Ramaswamy to lead a new advisory entity named the "Department of Government Efficiency" (DOGE).

Following the announcement, the price of dogecoin (DOGEUSD, DOGE) experienced a significant jump on Wednesday. An individual dogecoin was valued at approximately 40 cents by Wednesday afternoon, surging from 36 cents overnight and nearly tripling from around 17 cents before the presidential election results were disclosed. The swift climb in value has propelled dogecoin’s market capitalization to roughly $60 billion, ranking it higher than well-known entities such as Ford (F), Delta Air Lines (DAL), and General Mills (GIS).

Cryptocurrencies including Bitcoin (BTCUSD) and stocks of crypto-focused companies like Coinbase (COIN) have also enjoyed substantial gains in the past week. Industry executives have expressed optimism regarding Trump's win, anticipating a crypto-friendly administration as a result.

Musk’s endorsement of dogecoin is well-known, often using social media platforms to promote the currency, despite past legal challenges claiming he manipulated its value for personal benefit. Tesla, under Musk's leadership, even began accepting dogecoin for certain products in its online store as of January 2022. Additionally, Musk’s political action committee (PAC) invested at least $200 million supporting Trump's campaign, illustrating his alignment with Trump’s fiscal goals, including a $2 trillion reduction in government spending in the coming years.

The newly announced Department of Government Efficiency will be co-headed by Musk and Ramaswamy, symbolically referencing 'DOGE'. According to Trump’s statements, the department's mandate will be to reduce government bureaucracy, eliminate redundant regulations, and restructure federal agencies. The department plans to collaborate with the White House and the Office of Management & Budget (OMB), which oversees the implementation of the president’s agenda through budget development and performance management across federal agencies.

Trump has yet to provide details on the department's size or funding mechanisms. However, the establishment of this advisory body signifies a potentially transformative period for government spending and regulatory practices, aligning closely with the financial efficiencies that dogecoin and its supporters advocate.