Elon Musk's involvement with the Department of Government Efficiency (D.O.G.E.) coincided with a 40% decline in the number of Dogecoin (DOGE) millionaire addresses, according to a March 31 report by Finbold.

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% 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 $1 million and $9.99 million worth of Dogecoin increased from 1,082 to 1,223 since the initial reported dispute, while the number of those worth $10 million or more rose by 21.54% from 195 to 237.

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

The comparison with both March 31 and April 8 demonstrates that the total number of DOGE millionaires first dropped from 1,366 to 1,277 and then increased to 1,460, demonstrating that the direction hasn’t been entirely steady.

Nottably, the period also saw a dramatic change in Dogecoin’s cryptocurrency market performance. Between March 31 and April 8, DOGE’s price dropped from $0.167 to a low of $0.142, and the meme coin’s market capitalization plunged from approximately $24 billion to about $19.7 billion.

Between April 8 and press time on April 25, however, Dogecoin’s price rallied 27.46% to $0.181, and the cryptocurrency’s market cap increased by some $7.1 billion as it climbed to just under $27 billion.

Elon Musk’s historical impact on Dogecoin

Elon Musk’s historical impact cannot be dismissed, as the billionaire has served as a relatively regular trigger for major price swings since he first described Dogecoin as his favorite such cryptocurrency.

Similarly, the impact the South African-Canadian-American billionaire has had on assets closely associated with him is amply demonstrated by the issues Tesla (NASDAQ:TSLA) has faced in the stock market and on the business side.

In a report published on April 24, Finbold research revealed that the first quarter (Q1) of 2025 has been especially weak for the electric vehicle (EV) maker is witnessed a 37.2% year-over-year (YoY) drop in sales in Europe, with Musk's controversial political engagements being a likely driver for the disappointing numbers.

Indeed, internationally, the billionaire has courted controversy, for example, by endorsing divisive political parties. In the U.S., allegations of monitoring government employees for anti-Trump sentiment using artificial intelligence (AI) have been just some of the many actions that have cost him approval.

Elon Musk’s 2025 impact on Dogecoin

In the case of Dogecoin, the situation isn’t as clear. Not only has the price of the meme coin increased significantly more than the number of millionaire addresses, but other factors such as the latest across-the-board rally and cryptocurrencies’ increasing correlation with gold, one of 2025’s best-performing investments, are also in play.

Nonetheless, it is difficult to miss that the alleged Musk-Trump dispute marked a low point for Dogecoin, and the road has been overwhelmingly positive since then.