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Elon Musk, a billionaire, has maintained his support for the Dogecoin joke and revealed that he owns significant amounts of the cryptocurrency itself. This is consistent with the support of Musk, who was the driving force behind the coin's rise to prominence in 2021 and its subsequent rise to new all-time highs.
Elon Musk said he continues to own dogecoin.
Millionaire Elon Musk said he still owns Dogecoin while speaking at X Space (formerly known as Twitter). It appears that Musk has not sold any of his coins even though he continues to insist that Dogecoin is his favorite cryptocurrency among those currently in circulation on the market.
Musk has reported that he is still in possession of a significant amount of Dogecoin at present; however, it does not say that he is in possession of any other cryptocurrency. But he notes that his company, SpaceX, which is involved in space research, continues to hold Bitcoin, which is the space industry's most important cryptocurrency. The revelation was made by Musk, who said: âI still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin. »
Tesla, an electric vehicle maker, also has Bitcoin on its balance sheet, so SpaceX is not the only Musk-controlled company to own cryptocurrency since Tesla also owns Bitcoin. Although he is no longer as outspoken as before, this majority of the time demonstrates that Musk continues to believe in the future of cryptocurrencies.
One of the more intriguing developments resulting from the bear market is the fact that Elon Musk's remarks about Dogecoin do not appear to be having the same impact as they have in the past. When we go back to the year 2021, we see that a single tweet from the billionaire about DOGE will cause the price to skyrocket with double-digit gains in a few hours.
The price of DOGE, on the other hand, has not changed very significantly despite Musk publicly expressing support for the meme currency and even stating that he owns some of it. There was a marginal gain of 6% in price over the previous day. However, even this cannot be solely linked to Musk's statements since the entire cryptocurrency market has seen a recovery trend with the adoption of Spot Bitcoin ETFs.
In 2021, when the DOGE rally was at its peak, a statement like this from Musk would have sparked a big rally for the cryptocurrency. Some days the price would skyrocket whether or not you tweeted a dog-related meme. According to this, it seems that Musk's impact on the asset has since ceased to exist.
However, the fact that Elon Musk is a supporter of Dogecoin continues to be a big selling point for those who hold the cryptocurrency. The billionaire's comments on X Space have been published several times and widely disseminated within the DOGE community. Notable community members such as Doge Influencer have notably tweeted about this.
