Donald Trump’s presidential election victory triggered a 40% rise in Dogecoin millionaires within days, according to Finbold research.
Data from BitInfoCharts, archived by the Wayback Machine, reveals an increase from 1,009 millionaire DOGE addresses in late September to 1,417 as of November 7.
Following the election news, Dogecoin’s price surged from $0.14 to a peak of $0.21, spurred by both Trump’s victory and Elon Musk’s vocal support for the President-Elect.
Elon Musk’s D.O.G.E. role in the 2024 election
A major factor behind Dogecoin’s rapid gains was Elon Musk’s endorsement of Trump, Musk, and his anticipated role in the Trump administration.
As Jordan Major, a co-author of the research, pointed out:
“It wasn’t just Trump’s victory that stirred the market; Elon Musk’s antics added extra fuel to the fire. The Tesla CEO, and one of Dogecoin’s most ardent supporters, hinted at a potential role in the Trump administration — perhaps as head of the rumored “Department of Government Efficiency,” a playful nod to DOGE itself.”
Finally, the Dogecoin and the broader cryptocurrency rally also stem from the positive stance on digital assets expected from the Republican White House.
Investors, traders, and industry executives are optimistic about Trump’s pro-crypto stance, expecting supportive legislation and regulatory shifts in Congress.