Dogecoin millionaire count soars as Musk to step back from D.O.G.E

March 31 Finbold report found that Elon Musk’s tenure with the Department of Government Efficiency (D.O.G.E.) coincided with a 40 percent decline in the number of Dogecoin (DOGE) millionaire addresses, with the billionaire’s historical influence on the meme coin hinting at causation rather than mere correlation.

- Andreja Stojanovic.

However, on April 8, a process was initiated that culminated in the businessman announcing the winding down of D.O.G.E. involvement, due to a tariff spat with Pete Navarro, President Donald Trump's trade advisor.

By April 25, Finbold Research had found that Musk's anticipated exit led to the emergence of 183 new DOGE millionaires - a 14.33 percent increase compared to April 8, the starting date of mounting tensions between Elon Musk, the Trump administration, and their joint government efforts via D.O.G.E.

Specifically, the number of addresses holding between USD 1 million and USD 9.99 million worth of Dogecoin increased from 1,082 to 1,223 since the initial reported dispute, while the number of those worth USD 10 million or more rose by 21.54 percent from 195 to 237.

How Musk's involvement with D.O.G.E. impacted DOGE