Dogecoin millionaires increase as Musk to take a step back from D.O.G.E
The recent surge in Dogecoin millionaires follows a period of political turbulence that coincided with a significant decrease in DOGE holders with assets exceeding $1 million. Notably, Elon Musk’s involvement in D.O.G.E. caused a 40% reduction in the number of Dogecoin millionaires from the commencement of his tenure to March 31, as reported by a Finbold research study that day.
By April 8, when the likelihood of Elon Musk stepping back from governmental duties began to emerge, the total count of DOGE millionaire addresses had plummeted to 1,277, only to rebound by 14.33% to reach 1,460 by April 25. Concurrently, wallets possessing Dogecoin assets ranging from $1 million to $9.99 million escalated by 13.03% from 1,082 to 1,223, whereas those with more than $10 million experienced an even more substantial surge of 21.54% from 195 to 237.
April 8 emerged as a significant turning point. It marked a low point for Dogecoin amid controversies surrounding the alleged AI surveillance of federal employees’ political leanings at the Department of Government Efficiency and the intensification of a trade feud between Musk and Pete Navarro, an advisor to Trump.
The chronology of events, particularly those associated with Musk, are anticipated to directly influence Dogecoin. Historically, Musk has had a palpable impact on the cryptocurrency’s valuation, often instigating downturns in associated assets. Notably, Tesla witnessed a 37.2% year-over-year decline in sales in Europe during the first quarter of 2025, attributed to Musk’s contentious political engagements.
The apparent correlation between Elon Musk’s decision to scale down governmental responsibilities and the uptick in Dogecoin millionaire addresses is not definitive. Factors such as DOGE’s price surge since April 8, where the meme coin rallied by 27.46% from $0.142 to $0.181, coupled with the multitude of impactful events during the month, complicate establishing a direct causal link.
As Jordan Major, one of the research authors, observed: “While various variables are at play, the data suggests a reversal in millionaire accumulation post Musk’s withdrawal from D.O.G.E. The dynamics surrounding Dogecoin are more intricate than those of Tesla. The recent price rally has outpaced the growth in millionaire wallets, with broader market influences like the ongoing crypto upswing and shifting investor sentiment likely contributing to the trend.”
The alleged clash between Musk and Navarro marked a pivotal stage for Dogecoin, and the trajectory has been overwhelmingly positive since then.
