Dogecoin (DOGE) has been time and again influenced by an array of factors. But endorsements from prominent figures take the cake. Billionaire Elon Musk has, time and again, changed the course of DOGE’s price movement. More recently, his involvement with Donald Trump has translated into a major spike in DOGE’s price. The latest data even revealed that this increased the number of millionaires in the Dogecoin market.
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Dogecoin’s Price Growth
Over the past month, Dogecoin has managed to surge by a staggering 82%. Several in the market had been condemning the meme coin for its sluggish movement. But the OG meme coin witnessed a massive reversal in trend. At press time, the asset was trading at $0.1985 following a 2.95% increase over the past 24 hours.
Despite this rise, the asset remains 72% below its all-time high of $0.7376. But the fact that DOGE breached the 20 cents mark came as a big deal to the meme coin market.
It should be noted that the latest spike was not just due to Trump’s win but also to Elon Musk. In a lighthearted reference to DOGE itself, the CEO of Tesla and one of Dogecoin’s biggest backers pointed to a possible position in the Trump administration, maybe as director of the “Department of Government Efficiency.”
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More Room for Millionaires
According to a recent study, between September 27 and November 7, the total number of Dogecoin millionaire addresses increased significantly. Wallets with $1 million or more in DOGE rose 40.44% over this time. About 408 new millionaires were added to the list. This further raised the total number to 1,417 from 1,009 at the end of September.
Two hundred seventy-three wallets of the above number now possess more than $10 million in Dogecoin. The overall 1,114 addresses currently hold between $1 million and $9.99 million. If the meme coin continues to rise, the network could be creating more millionaires and even billionaires.
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