From Dogecoin to SpaceX funds, the speculative frenzy stirred up by Musk's "followers" is sweeping through the market.

Notice that Musk's day trading fan club is going crazy buying some of the most speculative parts of the market, from the meme cryptocurrency Dogecoin to a controversial closed-end fund that holds a major stake in SpaceX, all hoping that Trump's re-election will unleash more animal spirits. Data compiled by Bloomberg shows that since Trump's re-election, the stock price of Destiny Tech100 Inc. (DXYZ.US) has surged by about 280% in the past week, as the company holds shares in private unicorns like SpaceX and Sam Altman's OpenAI. Monday's rally led to multiple volatility halts, and its stock price rose by 38% after a 64% increase last Friday. Meanwhile, amidst the overall rise in cryptocurrencies, Dogecoin rose nearly 20% in Monday's trading. Musk is one of Trump's biggest supporters and a key figure in the final days of the election. Now with Trump as president again, Musk's companies have become popular assets among retail investors. While investing in SpaceX directly is not easy for individual investors, Destiny Tech100 offers smaller investors the opportunity to get a piece of the popular private company. According to its filings, as of the end of June, the fund's net asset value was $56 million, with about 38% of the shares in SpaceX. Apart from the closed-end fund, almost anything tangentially related to Musk's vast business empire is being sought after. Despite Trump's skepticism towards electric cars, Tesla, Inc.'s stock price rose by 42% in the past week. After Musk heavily promoted Dogecoin on his social media platform X, Dogecoin's price more than doubled during the same period. Chief strategist at Interactive Brokers Group, Inc. Class A, Steve Sosnick, said: "Musk has placed a big bet on Trump, and this is the payoff." Winner's Return In fact, Trump's victory is seen as a boon for Musk's companies, as Musk actively supported the 'MAGA' campaign. Tesla, Inc. is the only publicly traded entity in Musk's empire, and after experiencing a significant decline in the first four months of this year, its market value rose to over $1 trillion last week. According to Vanda Research, Tesla, Inc. is often referred to as an original MEME stock and has been one of the most traded stocks among retail investors in recent years. In the frenzy following the COVID-19 pandemic in 2021, Tesla, Inc.'s market cap exceeded $1 trillion for the first time, pushing up other tech stocks as well. But SpaceX may be the real prize for retail investors. Despite its soaring premium, making it a standout example, Destiny Tech100 is becoming the preferred tool for a group of day traders. The fund's valuation is over $400 million, the highest since April, and its trading price is nearly 10 times its net asset value, making it the highest among similar closed-end funds, which are usually obscure and overlooked due to declining returns and lack of liquidity. Now, its popularity has raised concerns about the risks of investing in private equity assets. Bloomberg Intelligence ETF analyst James Seyffart said: "This is definitely part of the post-election bounce, especially in relation to Musk's companies." "The issue with DXYZ is that it's a closed-end fund, meaning there's no mechanism like an ETF to keep the stock price in line with the net asset value. For this particular fund, the even worse part is it holds a large amount of private assets like SpaceX, which don't even have publicly traded prices or valuations." Since the fund's debut in March, it has experienced a period of intense volatility. In April, it briefly soared more than 1,000%, only to fall back a few weeks later.