Billionaire Elon Musk continues to support the Dogecoin meme coin, saying that he has quite a lot of these coins. This matches Musk's support for the meme coin's rise to prominence in 2021, sending it to new all-time highs.
Musk has assured that he has not sold any of his coins as he continues to claim that Dogecoin is his favorite cryptocurrency in the industry.
However, Musk did not say whether he personally has any other cryptocurrencies besides Dogecoins. But he added that SpaceX, his space exploration company, continues to hold large amounts of BTC on its balance sheet:
“I still own a ton of Dogecoin and SpaceX still owns a ton of Bitcoin,” Musk said.
SpaceX is not the only company owned by Musk that owns cryptocurrency: electric car maker Tesla also has bitcoin on its balance sheet, although it previously liquidated about 75% of its BTC. Basically, this shows that Musk continues to believe in the potential of cryptocurrencies, despite the fact that he is not as vocal in his support for crypto as he used to be.
However, despite Musk once again openly declaring his support for the meme coin, the price of DOGE hasn't changed much. Over the last day the price has increased by 6%. But even this cannot be explained by Musk's comments alone, as the entire cryptocurrency market is trending higher on the main driver of the entire crypto market in the form of approvals for spot Bitcoin ETFs.
However, reminding the crypto community that Dogecoin still has the support of Elon Musk remains a big benefit for coin holders.
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