During his victory celebration in West Palm Beach, Trump spent four minutes of his 26-minute speech praising Musk, calling him a “special guy” and a “new star.”

“He is a super genius. We must protect our geniuses. We don’t have that many,” President-elect Trump said.

The Shiba Ina-themed memecoin – often associated with Musk – rose in the early morning hours on Wednesday, trading at $0.20, the highest since April. On Thursday, the price settled at around $0.19 – a huge jump from a year ago, when Dogecoin fell to $0.07.

Musk has been an outspoken supporter of the Republican candidate, having donated more than $118 million to his campaign and appearing at many of his rallies wearing a “dark MAGA” hat, and will be one of Trump’s strongest allies.

Dogecoin enthusiasts see Trump’s victory as a big win for the memecoin, as it means there will likely be more news about Musk and his proposed Department of Government Efficiency, whose DOGE acronym is an obvious nod to the coin is.

Trump said during his campaign that he would put Musk in charge of the proposed new DOGE department, which would reportedly oversee government spending and eliminate “fraud and improper payments.”

When asked about the department at a town hall campaign event in Pennsylvania, Musk replied, “Yes, DOGE,” sending it up 15%.

Dogecoin has risen 157% in the past year after Musk threw his fortune and influence behind Trump following his attempted assassination in July. In the days following Musk’s endorsement of Trump on X, Dogecoin rose 24%.

Musk has a long history of influencing the price of Dogecoin. In May 2021, after several endorsements from the billionaire, including an SNL skit in which he referred to himself as “Dogefather,” the coin’s market capitalization reached an all-time high of $88 billion.

His promotion of the coin led to a class action lawsuit accusing him of a pump-and-dump scheme to inflate the memecoin’s price. However, the lawsuit was dismissed in August.

Dogecoin is currently the eighth largest cryptocurrency with a market capitalization of over $28 billion.