A lot of that value was created on the back of Elon Musk's support, which has been ongoing since 2019. In fact, Dogecoin's most recent rally was sparked by Musk's involvement in the Trump administration, where he temporarily ran an external government agency with a name that references the meme token.

As the White House touts Musk’s “last day” with DOGE, few people — including Donald Trump and JD Vance — think his power and influence will truly change.