Musk has been a big proponent of dogecoin over the years. Amid the post-election stock market boom, Musk's new position as co-head of DOGE sent the cryptocurrency soaring on Wednesday. It's remained high with slight fluctuations since then.

Elon Musk's Department of Government Efficiency said it is already recruiting people to work on the new initiative to cut federal spending.

Musk and Vivek Ramaswamy were appointed by Trump to lead DOGE, which will function as an advisory committee outside of the government.

The Donald’s pro-crypto election win is also credited with helping drive Bitcoin to a staggering all-time high of $93,480 dollars on Wednesday, from just $5,000 in value when Trump first took power.