Billionaire Elon Musk has continued to support the Dogecoin meme coin, revealing that he owns some of the cryptocurrency itself. This is in line with Musk’s support that made the meme coin gain prominence in 2021, sending it to new all-time highs.
Elon Musk Says He Still Owns Dogecoin
Speaking in an X (formerly Twitter) Space, billionaire Elon Musk revealed that he is still holding Dogecoin. It would seem that Musk has not sold any of his coins as he continues to maintain that Dogecoin is his favorite cryptocurrency in the industry.
In the space, Musk stated that he currently still holds a bunch of Dogecoin, but does not mention that he holds any other cryptocurrency. However, he explains that SpaceX, his space exploration company, continues to hold the leading cryptocurrency in the space, Bitcoin. “I still own a bunch of Dogecoin and SpaceX owns a bunch of Bitcoin,” Musk revealed.
SpaceX is not the only company owned by Musk that holds cryptocurrency, as Tesla, an electric vehicle manufacturer, also has Bitcoin on its balance sheet. Mostly, this shows that Musk continues to believe in the potential of cryptocurrencies despite not being as vocal as he used to be.
DOGE price shows strength | Source: DOGEUSD On Tradingview.com
Impact Of Musk Comments On DOGE Fades
One interesting development that has come out of the bear market is the fact that Elon Musk’s comments surrounding Dogecoin do not seem to have the same effect as they did before. Looking back to 2021, a single tweet from the billionaire about DOGE would send the price rallying with double-digit gains in a matter of hours.
However, despite Musk openly professing his support for the meme coin and even stating that he holds some of it, the price of DOGE has not moved much. In the last day, there has been a slight 6% increase in price. But even this cannot be attributed to just Musk’s comments as the entire crypto market has been on a recovery trend following the approval of Spot Bitcoin ETFs.
At the height of the DOGE rally back in 2021, such a comment from Musk would have triggered a massive rally. On some days, even just tweeting a dog-related meme would send the price soaring. So this indicates that the asset has since moved past Musk’s influence.
Nevertheless, knowing that Dogecoin has the support of Elon Musk remains a big selling point for holders. The billionaire’s comments on the X Space have been reposted many times and shared widely in the DOGE community, with prominent community members such as Doge Influencer tweeting about it.
Featured image from The News Crypto, chart from Tradingview.com