Billionaire Elon Musk has continued to help the Dogecoin meme coin, revealing that he owns a number of the cryptocurrency itself. That is according to Musk’s help that made the meme coin achieve prominence in 2021, sending it to new all-time highs.
Elon Musk Says He Nonetheless Owns Dogecoin
Talking in an X (previously Twitter) Area, billionaire Elon Musk revealed that he’s nonetheless holding Dogecoin. It will appear that Musk has not offered any of his cash as he continues to keep up that Dogecoin is his favorite cryptocurrency within the trade.
Within the house, Musk acknowledged that he at the moment nonetheless holds a bunch of Dogecoin, however doesn’t point out that he holds every other cryptocurrency. Nevertheless, he explains that SpaceX, his house exploration firm, continues to carry the main cryptocurrency within the house, Bitcoin. “I still own a bunch of Dogecoin and SpaceX owns a bunch of Bitcoin,” Musk revealed.
SpaceX shouldn’t be the one firm owned by Musk that holds cryptocurrency, as Tesla, an electric vehicle manufacturer, additionally has Bitcoin on its steadiness sheet. Largely, this exhibits that Musk continues to consider within the potential of cryptocurrencies regardless of not being as vocal as he was.
DOGE worth exhibits power | Supply: DOGEUSD On Tradingview.com
Influence Of Musk Feedback On DOGE Fades
One attention-grabbing growth that has come out of the bear market is the truth that Elon Musk’s feedback surrounding Dogecoin don’t appear to have the identical impact as they did earlier than. Wanting again to 2021, a single tweet from the billionaire about DOGE would ship the worth rallying with double-digit beneficial properties in a matter of hours.
Nevertheless, regardless of Musk overtly professing his help for the meme coin and even stating that he holds a few of it, the worth of DOGE has not moved a lot. Within the final day, there was a slight 6% improve in worth. However even this can’t be attributed to simply Musk’s feedback as the complete crypto market has been on a restoration development following the approval of Spot Bitcoin ETFs.
On the top of the DOGE rally again in 2021, such a remark from Musk would have triggered a large rally. On some days, even simply tweeting a dog-related meme would ship the worth hovering. So this means that the asset has since moved previous Musk’s affect.
Nonetheless, realizing that Dogecoin has the help of Elon Musk stays an enormous promoting level for holders. The billionaire’s feedback on the X Area have been reposted many occasions and shared extensively within the DOGE community, with distinguished group members akin to Doge Influencer tweeting about it.
Featured picture from The Information Crypto, chart from Tradingview.com
