Elon Musk has been tapped to co-lead the Department of Government Efficiency (DOGE) after years of hyping up cryptocurrency Dogecoin.

The bitcoin price has topped $90,000 per bitcoin, up 20% in a week, as traders eye $100,000 in the wake of Donald Trump's U.S. presidential victory, with Musk's "favorite" cryptocurrency dogecoin leading a price pump that's sent the combined market back over $3 trillion for the first time since 2021.

Dogecoin (DOGE) is down 4% on Thursday after key figures, including Elon Musk, shared views on its token design and what a deflationary path could mean for its appeal as a currency. Meanwhile, traders Ali Martinez and Peter Brandt highlighted key similarities between Dogecoin's current price movement and historical data.