Trump Victory Sparks Dogecoin Boom with 40% Increase in Millionaire Wallets

Trump's Impact on Cryptocurrency

Following Donald Trump’s 2024 presidential victory, Dogecoin (DOGE) experienced a significant boost in price and in the number of millionaire wallets. According to data collected from BitInfoCharts, the number of Dogecoin millionaire addresses rose sharply by 40.44%, adding 408 new millionaires, bringing the total to 1,417.

Significant Price Surge

During this timeframe, wallets holding $1 million or more in DOGE surged from 1,009 to 1,417. Starting at around $0.14, Dogecoin peaked at $0.2121, with its market cap growing from $22.45 billion to $31.11 billion—an impressive $8.66 billion increase.

• 1,114 addresses now hold between $1 million and $9.99 million.
• 273 wallets boast more than $10 million in Dogecoin.

Elon Musk's Role

The momentum was not solely due to Trump's victory; Elon Musk also played a significant role. His hints at a potential position in Trump's administration and strategic social media interactions have captivated Dogecoin's community.

Broader Cryptocurrency Market Effects

In addition, Bitcoin hit a new all-time high of over $75,000 in the aftermath of the election, as optimism for supportive policies under the Trump administration grew. The cryptocurrency landscape is witnessing significant changes as new millionaire counts increase.

With Dogecoin's meteoric rise and high-profile endorsements, Trump's return could lead to exhilarating changes in the cryptocurrency market.