Following Donald Trump’s 2024 presidential win, Dogecoin (DOGE) has surged, significantly boosting both its value and the number of million-dollar DOGE wallets.
The number of Dogecoin millionaire wallets has risen sharply since late September. Between September 27 and November 7, the number of addresses holding $1 million or more in DOGE spiked by 40.44%, adding 408 new millionaires. This increase brought the total count of such wallets from 1,009 to 1,417.
Currently, 1,114 of these millionaire addresses hold between $1 million and $9.99 million in Dogecoin, while an additional 273 contain over $10 million in DOGE.
Elon Musk’s Influence on Dogecoin’s Market Momentum
Trump’s victory wasn’t the sole factor fueling DOGE’s rally; Elon Musk’s ongoing support for the meme cryptocurrency added further momentum. Following the election, Dogecoin’s price climbed from around $0.14 to a high of $0.2121, increasing its market capitalization from $22.45 billion to $31.11 billion, a remarkable $8.66 billion boost.
Musk’s influence has been significant in this rally. The Tesla CEO, known for his enthusiastic support of Dogecoin, hinted at potentially joining Trump’s administration in a playful role. In an August post on X (formerly Twitter), Musk shared an AI-generated image of himself at a podium labeled “Department of Government Efficiency,” a playful nod to Dogecoin itself. He captioned the post, “I am willing to serve,” sparking enthusiasm within the DOGE community, which sees Musk’s possible involvement as a chance to further elevate Dogecoin’s status.
Musk’s alignment with Trump goes back even further. In July 2024, following an assassination attempt on Trump, Musk publicly endorsed him, stating, “I fully endorse President Trump and hope for his rapid recovery.” The endorsement and speculations about Musk’s role in the administration have fueled high expectations for Dogecoin’s visibility and long-term support.
Bitcoin Reaches New All-Time High
The broader crypto market has also responded to Trump’s victory with optimism. Bitcoin (BTC) surged past $75,000, reaching an all-time high and adding over 11,000 new millionaires. With Trump’s administration expected to introduce more favorable policies for the crypto industry, investors are optimistic about further growth.
As Dogecoin’s community grows and Musk’s “D.O.G.E.” ambitions align with the political sphere, Trump’s return to the White House could herald an exciting new era for the cryptocurrency market.
