The number of Dogecoin (DOGE) millionaire wallet addresses increased by 14.33% from April 8

The rebound comes after months of political controversy that coincided with a sharp decline in DOGE holders at the $1 million+ level.

The number of Dogecoin (DOGE) millionaire wallet addresses increased by 14.33% from April 8, the day that mounting tensions between Elon Musk, the Trump administration, and their joint government efforts via the Department of Government Efficiency (D.O.G.E.).

The rebound comes after months of political controversy that coincided with a sharp decline in DOGE holders at the $1 million+ level.

Specifically, Musk’s leadership of the D.O.G.E. federal spending oversight body led to a 40% drop in the number of Dogecoin millionaires from his first day in the job to March 31, according to data from Finbold research.

On April 8, the day Elon Musk’s exit from government became a distinct possibility, the total number of DOGE millionaire addresses stood at a low of 1,277 and, by April 25, rose 14.33% to 1,460.

Simultaneously, wallets with between $1 million and $9.99 million worth of Dogecoin increased by 13.03% from 1,082 to 1,223, and those with more than $10 million saw an even greater rise of 21.54% from 195 to 237.

How April 8 broke the DOGE levy

Interestingly, April 8 proved pivotal in several ways.

The day proved a low point for Dogecoin, while sparking a controversy over the Department of Government Efficiency’s alleged AI surveillance of federal employees’ political sentiments, and seeing the escalation of the tariff feud between Musk and Trump’s advisor, Pete Navarro.

The public relations side of the timeline, particularly the parts centered on Musk, are likely to have a direct impact on Dogecoin as the billionaire has, on the one hand, historically had a substantial effect on the cryptocurrency’s price and, on the other hand, has facilitated a downturn for other related assets.

For instance, Tesla suffered a 37.2% year-over-year sales drop in Europe during Q1 2025, a decline many attribute to Musk’s polarizing political engagements.

Musk’s impact on Dogecoin millionaires

Lastly, direct causation between Elon Musk’s pledge to wind down government activities and the rise in Dogecoin millionaire addresses cannot be guaranteed both due to DOGE’s price rise since April 8 – the meme coin rallied 27.46% from $0.142 to $0.181 – and to the sheer volume of relevant events in the month.

“While many variables are at play, the data does point to a reversal in millionaire accumulation following Musk’s decision to step back from D.O.G.E.,” said Jordan Major, a co-author of the Finbold research.

“That said, the dynamics around Dogecoin are less straightforward than with Tesla. The recent price rally has outpaced the growth in millionaire wallets, and broader market forces — such as the ongoing crypto upswing and shifting investor sentiment are likely contributing to the trend.”

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