The meteoric rise of dogecoin (DOGE), which soared over 500% in recent weeks, collided with reality on Tuesday as President-elect Donald Trump unveiled the creation of the Department of Government Efficiency (DOGE). What began as a viral trading meme has now transformed into a cornerstone of Trump’s reform agenda.

Trump appointed tech magnate Elon Musk and entrepreneur Vivek Ramaswamy to lead the initiative, which aims to streamline federal operations, eliminate waste, and bring a business-minded approach to governance.

“This will be the most significant government overhaul in American history,” Trump declared on Truth Social. “Elon and Vivek are visionaries who will lead our effort to cut red tape, reduce inefficiency, and deliver the kind of lean, responsive government the American people deserve.”

Musk announced on X that DOGE’s actions and findings will be made publicly available, adding a competitive twist with a “waste leaderboard” highlighting the most absurd uses of taxpayer dollars. “It’s time for the people to see exactly where their money goes—and laugh a little along the way,” Musk said.

Speculation about DOGE’s rise from meme to mainstream was first flagged in mid-October when CoinDesk noted growing chatter around the acronym in both crypto and political circles. That speculation has now been validated, adding momentum to DOGE’s already explosive price action.

DOGE has climbed 250% over the past month, reaching levels not seen since 2021. With traders eyeing the symbolic $1 mark, the token’s newfound relevance in politics and popular culture may fuel further gains in the weeks ahead.