Over 40% of Dogecoin millionaires wiped out since Elon Musk began D.O.G.E.
Elon Musk has become so closely linked with Dogecoin (DOGE) that he decided to embed the joke into the name of his new and semi-government agency: Department of Government Efficiency (D.O.G.E.). Although Musk was once a major bullish catalyst for the meme coin, recent Finbold research suggests he may now be having the opposite effect on the cryptocurrency’s value and sentiment. Finbold data shows that the number of Dogecoin millionaire addresses plunged by 41.37% between January 21 and March 31, a decrease of 964 addresses in just over two months. Over the same period, DOGE price has crashed nearly 50%, from $0.34 shortly after D.O.G.E. was officially established and President Donald Trump was inaugurated to $0.17 at the end of March. Looking at the wealthiest Dogecoin holders, the proportional drop in the number of addresses with between $1 million and $9.99 million and those with $10 million or more has been massive. Addresses with $1 mi...
