Dogecoin is making headlines after President-elect Donald Trump announced the creation of the Department of Government Efficiency on X this past Wednesday. This meme coin was worth 16 cents on Election Day and has since more than doubled to a high of nearly 39 cents on Nov.

On Tuesday, President-elect Donald Trump picked Musk and biotechnology company founder Vivek Ramaswany to lead a new Department of Government Efficiency, whose acronym echoes dogecoin's name. The case is Gorog et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

Dogecoin was once a joke, but the meme coin gained traction after Elon Musk backed it. Now he's set to co-lead a D.O.G.E. government agency. Here's a look back.