Elon Musk Discloses His Ownership of DOGECOIN in Recent Twitter Space
Billionaire entrepreneur Elon Musk, renowned for his affinity for cutting-edge technology, recently revealed that he continues to hold a substantial amount of Dogecoin. Initially conceived as a light-hearted prank, Dogecoin gained popularity, partially due to Musk’s endorsement in 2021. Interestingly, Musk also disclosed that his company, SpaceX, possesses a significant quantity of Bitcoin. It appears that Musk’s interest in the world of digital currency extends beyond just Dogecoin.
During a recent discussion on X Space (formerly Twitter Space), Musk openly admitted to his ongoing ownership of Dogecoin. This revelation echoes his consistent support for the peculiar cryptocurrency, positioning it as his preferred digital asset in the vast crypto landscape.
According to Bitcoinist, Musk recently shared in a Twitter Space that Dogecoin (DOGE) remains a part of his investment portfolio, solidifying its place as his favorite coin in the crypto industry. Additionally, Musk disclosed that SpaceX holds a substantial amount of Bitcoin. However, Tesla had previously liquidated 75% of its Bitcoin holdings.
Contrary to the expectations of the crypto community, Musk has continued to retain his Dogecoin holdings, while also maintaining a significant position in Bitcoin through SpaceX. This dual allegiance to both cryptocurrencies showcases Musk’s diversified approach to digital assets.
Interestingly, Musk’s influence on Dogecoin’s market dynamics appears to be undergoing a transformation. In 2021, a mere tweet or mention from Musk would send Dogecoin prices skyrocketing. However, recent comments from Musk about Dogecoin have not elicited the same level of market response.
Meanwhile, the current crypto landscape, characterized by a modest 6% increase in Dogecoin’s price following Musk’s disclosure, indicates a departure from the past when Musk’s words alone could catalyze significant market movements. This shift signifies that Dogecoin, once highly reactive to Musk’s influence, has now established a more independent market presence.
Despite the diminished impact on Dogecoin’s price, Musk’s endorsement still holds significance for its enthusiasts. People who are passionate about Dogecoin in the online community, such as Doge Influencer, heavily share Musk’s words. It’s akin to saying, “Hey, the tech-savvy guy still thinks Dogecoin is cool!” Even if the price doesn’t surge as it did before, Musk’s support still matters to Dogecoin fans.