Dogecoin (DOGE) saw a significant boost late on Thursday as Elon Musk presented his plans for the proposed Department of Government Efficiency (D.O.G.E) during a town hall meeting in Pennsylvania. This announcement led to a 7% increase in Dogecoin's price, marking its first rise above 13 cents since July.

Musk's endorsement of Trump has ignited discussions around the political ramifications of the D.O.G.E initiative, drawing increased attention and speculative trading around DOGE.

Musk stated that the new department aims to enhance government spending efficiency while consolidating departments that manage taxpayer funds. According to Musk, the department might operate similarly to a corporate entity with incentives for success and penalties for underperformance.

Traders are particularly optimistic that a potential Trump presidency could further elevate interest in Dogecoin, especially if D.O.G.E becomes a governmental fixture.

"Elon Musk is simply going to meme the 'Department of Government Efficiency' into existence - with validation from Trump!" - said an influential trader on X.

As of recent data, DOGE rose by 7%, overshadowing a relatively modest 1% increase in Bitcoin over the same timeframe. This surge extends its recent weekly gains to over 22%, positioning DOGE as the top performer among major cryptocurrencies.