Elon Musk Confirms Dogecoin Ownership
Billionaire Elon Musk has reaffirmed his support for Dogecoin, revealing that he still holds the cryptocurrency. This comes as no surprise, as Musk’s previous endorsements have contributed to the meme coin’s surge in popularity and record-breaking highs.
Musk’s Admission on X Space
During an X Space session, Elon Musk stated that he continues to hold a significant amount of Dogecoin. He did not mention owning any other cryptocurrencies but mentioned that his space exploration company, SpaceX, holds Bitcoin. Musk confirmed, “I still own a bunch of Dogecoin and SpaceX owns a bunch of Bitcoin.”
Crypto Holdings in Musk’s Companies
In addition to SpaceX, Tesla also holds Bitcoin on its balance sheet. This demonstrates Musk’s ongoing belief in the potential of cryptocurrencies, even though he is not as vocal about it as before.
Musk’s Influence on DOGE Wanes
Interestingly, Elon Musk’s comments about Dogecoin no longer seem to have the same impact they once did. In 2021, a single tweet from him could cause DOGE’s price to soar by double-digit percentages within hours.
However, despite Musk’s continued support and admission of ownership, the price of DOGE has not experienced significant movement. It has only seen a slight 6% increase in the last day. This suggests that the asset has become less reliant on Musk’s influence.
Musk’s Support Remains Significant
Despite the diminishing effect on DOGE’s price, knowing that Elon Musk backs Dogecoin is still valuable to holders. His comments during the X Space session have been widely shared within the DOGE community, reinforcing its credibility.
Hot Take: Elon Musk’s Ongoing Support for Dogecoin
Billionaire Elon Musk has confirmed that he still owns a substantial amount of Dogecoin, emphasizing his continued support for the meme cryptocurrency. Although his influence on DOGE’s price has diminished, Musk’s endorsement remains significant to the community. While the impact of his comments may have faded, they continue to generate excitement among Dogecoin holders. As cryptocurrencies gain wider acceptance, it will be interesting to see how Musk’s involvement evolves and whether it will once again have a substantial effect on the market.
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