Dogecoin surges past major cryptocurrencies following approval of billionaire candidate Elon Musk's compensation

Elon Musk is becoming increasingly likely to become the world’s first Trillionaire (a 1 trillion dollar magnate). Tesla shareholders overwhelmingly approved the largest compensation package in history, and Dogecoin surged on this news, reversing the overall market trend.

Over 75% of Tesla Shareholders Support the Trillionaire Plan

At the Tesla shareholders’ meeting, an extraordinary compensation plan for Elon Musk was put to a vote and was approved with over 75% support from investors. This plan grants up to 423 million 700 thousand Tesla shares over the next 10 years, and if Tesla’s valuation reaches $8.5 trillion, Musk’s assets could reach Trillionaire status.

This approval comes after years of legal disputes and clearly demonstrates investor confidence in Musk’s management approach. The realization of this compensation package depends on Tesla achieving certain performance targets, which would require a significant increase in the company’s valuation.

Dogecoin Outperforms Top-tier Cryptocurrencies in Price Gains

Following the news of the compensation approval, Dogecoin saw a 3.48% increase, clearly outpacing Bitcoin and Ethereum during the same period. Its market cap reached $16.36 billion, steadily strengthening its position within the market.

During the same period, Bitcoin rose 3.60%, and Ethereum increased 6.05%, indicating overall strength in the crypto market, but Dogecoin’s movement clearly reflects investor sentiment. The market continues to react sensitively to Musk’s business activities.

Speculative Buying Heats Up in the Derivatives Market

In the Dogecoin derivatives market, trading volume surged following the news of the compensation approval. The increase in open interest reached 10.5%, revealing heightened speculation among market participants.

Interestingly, the increase in open interest slightly lagged behind the price rise, suggesting that physical buying pressure, rather than leverage trading, is dominant. Market analysts are pointing out that Dogecoin could potentially move toward the $0.20 level in the near future.

Intel Partnership Plans Accelerate on Musk-Related News

Elon Musk announced the possibility of a partnership between Tesla and Intel, sparking new activity in the market. His comments about current chip suppliers TSMC and Samsung, suggesting their supply capacities may not meet future demand, highlight his ambitions to strengthen AI-driven systems.

High-performance AI chips are essential for advancing Tesla’s autonomous driving features, and collaborations with multiple semiconductor partners are expected to continue. Intel’s stock rose 2.3% on news of the partnership plans, indicating positive market sentiment toward this development.

Musk’s Market Influence Once Again Comes Into Focus

The recent rise in Dogecoin’s price demonstrates how sensitive the market is to Elon Musk’s business activities. In October, a humorous video he posted (about the new CEO of X being Floki Inu dog) caused Floki Inu’s price to jump over 27%.

As the path to achieving Trillionaire status becomes clearer, Musk’s statements and actions are likely to have an increasingly significant impact on the crypto market. The relationship between investor psychology and Musk’s market influence remains a key area to watch in the future.