Listen, here's an interesting thing that happened with Dogecoin, the very crypt that Elon Musk constantly promoted, memed, and trended in every possible way. It turned out that even when he seemed to "step aside," the number of millionaires owning DOGE grew again. But let's take it in order.
In short, according to Finbold, from the end of March to the beginning of April, the number of DOGE millionaires plummeted from 1,366 to 1,277 addresses. This just coincided with the fact that Musk was actively involved in a project called D.O.G.E. (Department of Public Administration Efficiency — yes, it sounds like a joke, but he really fit in there). During this time, Dogecoin also sank: the price fell from 0.167 to 0.142 dollars, and the capitalization was blown away by almost 5 billion.
But on April 8, something happened: Musk had a fight with Pete Navarro, Trump's adviser, and began to retire from the department. And lo and behold, by April 25, the number of DOGE millionaires had grown again to 1,460. The price also bounced back, jumping by almost 28%, and the capitalization increased to 27 billion.
So an interesting thing comes out: when Musk was "in power" at D.O.G.E., everything was going downhill. As soon as I started exiting the project, the market came to life. This kind of hints that his active participation does not always benefit the crypt, especially if he also offends everyone politically.
And everything would be fine, but at the same time, the growth of DOGE cannot be 100% attributed to the departure of Musk. After all, the crypto market as a whole is doing well this year, and Dogecoin has also become more correlated with gold, which is quite unusual for a meme coin.
So here's a mystery for you: is Elon Musk still influencing Dogecoin, or is his "magic" slowly becoming a thing of the past? What do you think?
