Elon Musk, the billionaire entrepreneur known for his love of cool tech, recently admitted that he’s still holding plenty of Dogecoin. Originally started as a lighthearted joke, Dogecoin gained some fame, partly thanks to Musk’s support in 2021. Interestingly, Musk also mentioned that his company, SpaceX, also has its hands on some Bitcoin. Musk’s interest in the digital currency world seems to extend beyond just Dogecoin.
In a recent discussion on X Space (formerly Twitter Space), billionaire entrepreneur Elon Musk openly acknowledged his ongoing ownership of Dogecoin. This revelation echoes Musk’s consistent support for the quirky cryptocurrency, positioning it as his preferred digital asset in the expansive crypto landscape.
According to Bitcoinist, Elon Musk recently revealed in a Twitter Space that he still holds Dogecoin (DOGE), which is his favorite coin in the crypto industry. Additionally, Musk revealed that SpaceX holds a large amount of Bitcoin. Contrary to the crypto community’s expectations, Musk has retained his Dogecoin holdings, adding that SpaceX, his aerospace manufacturer and space transportation company, maintains a significant position in Bitcoin. This dual allegiance to both Dogecoin and Bitcoin underscores Musk’s diversified approach to digital assets.
Intriguingly, Musk’s influence on Dogecoin’s market dynamics seems to be undergoing a transformation. In the heyday of 2021, a mere tweet or mention from Musk would send Dogecoin prices soaring. However, recent comments from Musk about Dogecoin have not triggered the same level of market response.
Meanwhile, the current crypto landscape, marked by a modest 6% increase in Dogecoin’s price after Musk’s disclosure, suggests a departure from the past when Musk’s words alone could catalyze significant market movements. This shift signifies that Dogecoin, once highly responsive to Musk’s influence, has now established a more independent market presence.
Even if Dogecoin doesn’t jump like before, people still care that Elon Musk likes it. People who love Dogecoin in the online community, like Doge Influencer, share Musk’s words a lot. It’s like saying, “Hey, the cool tech guy still thinks Dogecoin is cool!” Even if the price doesn’t fly high now, Musk’s support still matters to Dogecoin fans.
Mustafa Mulla has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.