Dogecoin rallied 6.5% following Tesla shareholders’ approval of Elon Musk’s record $1 trillion compensation package, with DOGE derivatives trading spiking 41%.
Dogecoin DOGE $0.0906 24h volatility: 11.4% Market cap: $15.31 B Vol. 24h: $4.35 B price rallied 6.5% to reach $0.17 on Nov. 7, outperforming top digital assets as Elon Musk won Tesla board approval for his record-breaking $1 trillion compensation plan. The rally followed a prolonged legal dispute that had delayed Musk’s payout.
Dogecoin price outperforms top 10 cryptocurrencies on Nov. 7, 2025 | Source: Coingecko
Tesla shareholders overwhelmingly backed the proposal during the company’s annual meeting, with over 75% of investors voting in favor. The plan grants Musk as many as 423.7 million Tesla shares over the next decade, contingent upon the company achieving aggressive operational and market cap milestones.
If Tesla reaches a valuation of $8.5 trillion, Musk’s holdings would make him the world’s first trillionaire, a status that could further strengthen investor belief in Musk’s market influence. Dogecoin’s 6.5% rally stood out amid a largely bearish week for major cryptocurrencies, including Bitcoin BTC $64 549 24h volatility: 9.0% Market cap: $1.29 T Vol. 24h: $161.62 B and Ethereum ETH $1 901 24h volatility: 9.5% Market cap: $229.54 B Vol. 24h: $68.82 B , each posting 2% and 3% losses at the time of reporting.
Dogecoin traders have historically tracked Musk’s market moves, often responding to his business milestones and cryptic online comments.
Musk Eyes Intel Partnership as Dogecoin Rally Gains Momentum
Elon Musk also signaled potential collaboration between Tesla and Intel, sparking a 2.3% rise in Intel’s stock during Friday’s early session. According to a report from Reuters, Musk noted that while current chip suppliers TSMC and Samsung have met his expectations, future production needs for Tesla’s AI-driven systems may exceed current capacity.
The electric vehicle manufacturer is building custom AI chips to enhance its self-driving capabilities and is exploring semiconductor partnerships to ensure scalability. Musk’s comments highlight Tesla’s growing ambitions to design its chip internally while partnering with leading manufacturers for fabrication.
Dogecoin derivatives markets analysis | Source: Coinglass
Dogecoin derivatives markets also recorded a 41% spike in trading activity on Nov. 7, while DOGE open interest rose 10.5%, confirming intense speculative reactions to Elon Musk’s payday package. Open interest trailing the 13% price uptick at press time reflects higher impact from spot purchases than the new leverage positions. This places DOGE price in prime position to extend gains towards the $0.20 mark in the coming sessions.
Elon Musk’s connection to Dogecoin has been brought to the fore, as Dogecoin’s price rallied against the run of play. Elon Musk also sparked significant crypto market reaction in October when he posted a comical video calling Floki Inu FLOKI $0.000029 24h volatility: 13.1% Market cap: $280.06 M Vol. 24h: $102.00 M the new CEO on X. Floki Inu price rallied more than 27% following the post.
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