A frenzied narrative that boosted dogecoin (DOGE) prices over 500% turned to reality on Tuesday — showcasing how memetic bets could be a strong trading thesis.

President-elect Donald Trump announced Tuesday that it had picked Vivek Ramaswamy and technology entrepreneur Elon Musk to lead a new Department of Government Efficiency (DOGE) that seeks to make government spending and administration more efficient.

The duo will work from outside the government to offer advice and guidance to drive large-scale structural reform and create an “entrepreneurial approach to Government never seen before.”

"Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies -- essential to the 'save America' movement,” Trump said in the announcement posted on his Truth Social account.

Musk and Ramaswamy will work until July 4, 2026, on the project, Trump said.

In an X post, Musk said that all Department of Government Efficiency actions will be posted online for maximum transparency.

“Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know,” Musk said. “We will also have a leaderboard for most insanely dumb spending of your tax dollars. This will be both extremely tragic and extremely entertaining.”

A CoinDesk analysis flagged in mid-October about DOGE trade gaining interest among investors for its memetic nature, and that there could be more chatter of “DOGE” in mainstream media and retail trading circles that fuels attention and interest in the token.

DOGE prices are up nearly 250% in the past 30 days, reaching 2021 levels on Tuesday with traders now eyeing the $1 mark as a long-term price target.