Donald Trump’s 2024 election win has had a powerful impact on Dogecoin (DOGE), boosting its number of millionaire wallets by 40% since late September.
According to BitInfoCharts, millionaire Dogecoin addresses rose from 1,009 to 1,417, an increase of 408 accounts holding over $1 million in DOGE. The surge mirrors broader optimism within the cryptocurrency market, with the DOGE price climbing from $0.14 to peak at $0.2121 in the hours following Trump’s victory.
This substantial uptick pushed Dogecoin’s market cap from $22.45 billion to $31.11 billion, adding $8.66 billion to the meme coin’s valuation. Much of this growth is attributed to investor enthusiasm around Trump’s reputation as a pro-business leader, alongside a surge of speculation around a potential regulatory reprieve for digital assets.
Musk’s “D.O.G.E.” Role
Adding fuel to DOGE’s ascent is Elon Musk, a longstanding Dogecoin advocate, who recently amplified investor excitement with playful hints about a government role. Musk, who has repeatedly supported Trump, shared an AI-generated image on social media depicting himself as the head of a “Department of Government Efficiency” (abbreviated as D.O.G.E.), which many saw as a nod to DOGE.
I am willing to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Musk’s proximity to Trump and his advocacy for streamlined government have amplified expectations for the coin’s future, especially if his hypothetical “Department of Government Efficiency” gains traction. This narrative has fueled optimism that DOGE might become emblematic of the new administration’s crypto stance, sparking predictions of sustained price growth.
Dogecoin’s Future Under Trump’s Crypto-Friendly Policies
With the DOGE market reaching a new peak in investor sentiment, traders anticipate further gains as Trump moves toward inauguration. The meme coin’s popularity has drawn interest from traders and social media influencers, who believe Trump’s pro-crypto stance could help foster a more favorable regulatory environment for Dogecoin.
Perfect name https://t.co/qOUblToy7v
— Elon Musk (@elonmusk) August 20, 2024
Even if an official “Department of Government Efficiency” remains a tongue-in-cheek proposal, the Dogecoin community appears ready to rally behind Musk’s creative vision, seeing it as a potential driver of long-term value. Given this backdrop, many expect continued bullish momentum for DOGE, particularly as anticipation builds around how the administration might reshape the cryptocurrency landscape.
