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.
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.
Data from BitInfoCharts reveals an increase from 1,009 millionaire DOGE addresses in late September to 1,417 as of November 7, a 40% rise in Dogecoin millionaires.
Investors are optimistic about Trump's pro-crypto stance, expecting supportive legislation and regulatory shifts in Congress that would benefit the cryptocurrency market.
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