Elon Musk Still Holds Dogecoin: What Does It Means for the Fun Crypto?

Billionaire entrepreneur Elon Musk, known for his love of cool tech, recently shared that he’s still holding a bunch of Dogecoin. Originally started as a lighthearted joke, Dogecoin gained some fame, thanks in part to Musk’s support in 2021. Interestingly, Musk also mentioned that his company, SpaceX, has its hands on some Bitcoin as well. It seems like Musk’s interest in the digital currency world extends beyond just Dogecoin.

I Still Own A Bunch Of Dogecoin

In a recent discussion on X Space (formerly Twitter Space), Billionaire entrepreneur Elpn 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. However, Tesla previously liquidated 75% of its…

— Wu Blockchain (@WuBlockchain) January 12, 2024

Contrary to the crypto community’s expectations, Musk has opted to retain 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.

Why Musk’s Words Still Matter

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.

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