Over 40% of millionaires wiped out since Elon Musk began D.O.G.E.

Though Elon Musk was once considered a strong bullish catalyst for Dogecoin (DOGE), Finbold research found that his tenure as the head of the Department of Government Efficiency (D.O.G.E.) has been catastrophic for holders of the meme coin.

Notably, the number of DOGE millionaire addresses plunged 41.47% between January 21 – one day after the new agency was officially established – and March 31, decreasing by nearly 1,000 from 2,330 to 1,366.

The drop is evident across the board, with the largest proportional loss among addresses with between $100,000 and $999,999 worth of Dogecoin – 49.50% – and the smallest among those with between $1 and $99 – 6.78%.

Did Elon Musk cause Dogecoin’s 2025 crash?

Interestingly, though the drop in the number of addresses has been sharp, it has been smaller than Dogecoin’s 50% price drop since January 31.

This indicates that the overall decline is more closely linked to the state of the cryptocurrency market and the economy than to Elon Musk or the meme coin itself.

As Andreja Stojanovic, a co-author of the research, pointed out, “Despite Elon Musk’s involvement with politics being controversial both rhetorically and directly, the tension surrounding D.O.G.E. might not be having an oversized impact on Dogecoin. Specifically, at press time, the loss of DOGE millionaires appears more closely linked to the state of the wider cryptocurrency market and the economy than anything to do with Musk himself.”

Lastly, Elon Musk’s latest statements about the link between Dogecoin and his agency – or, more precisely, the lack thereof – as well as his clarification that the government has no plans for DOGE, suggest that traders of the dog meme coin shouldn’t look toward the billionaire in hopes of cryptocurrency market tailwinds.