Dogecoin (CRYPTO: DOGE) experienced a 5% surge following a tweet by Elon Musk on X. This has sparked fresh speculations about the imminent payments service on Musk’s social app. What Happened: Musk’s Friday post,

Popular memecoin Dogecoin {{DOGE}} jumped 5%, returning to multi-year highs hit earlier this month following fresh speculations on Elon Musk-owned social app X's long-anticipated payments service. Apparently triggering the move was Musk posting a screenshot of podcaster Joe Rogan's X profile.

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

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.

Musk has been a big proponent of dogecoin over the years. Amid the post-election stock market boom, Musk's new position as co-head of DOGE sent the cryptocurrency soaring on Wednesday. It's remained high with slight fluctuations since then.

The masterminds behind the proposed government efficiency agency have provided more detail about how it would function. Their explanations only makes their enterprise seem less plausible.