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- Elon Musk says he still has a lot of Dogecoin, but the price isn’t moving.
- Even more interesting is that he is also hoarding a large amount of Bitcoin through SpaceX.
Elon Musk is a well-known supporter of Dogecoin (DOGE). His constant tweets once drove the value of Dogecoin to an all-time high, making it at times the most popular crypto token in the US, surpassing Bitcoin. The price of DOGE has been linked to Musk’s decisions over the years, including the acquisition of Twitter, now known as ‘X’.
Many fans are still optimistic and believe that Dogecoin could become one of the payment options on the platform. Although many thought Elon Musk had retired from meme coins, he has now revealed that he still holds a sizable amount.
In his statement to X-Space, he claimed that the asset is still his cryptocurrency of choice. However, Musk did not reveal whether he also owns other cryptocurrencies:
“I still have a lot of Dogecoin and SpaceX has a lot of Bitcoin.”
Last year, the Wall Street Journal noted that SpaceX reported $373 million worth of bitcoin on its balance sheet for 2021 and 2022. It was also reported that some bitcoin had been sold.
Tesla’s Bitcoin holdings and Musk’s influence on Doge
Tesla also reportedly acquired $1.5 billion worth of Bitcoin in 2021. The Q2 2023 earnings report shows that the company sold all of its holdings, leaving it with $184 million worth of Bitcoin. In the second quarter of 2022, over 30,000 BTC worth 936 million dollars were liquidated. This represented 75 percent of the 1.5 billion dollars originally raised. According to commentators, this suggests that Musk still has an interest in cryptocurrencies, even if he has not commented on them recently.
In contrast to the impact his previous comments had on Dogecoin, Musk’s latest statement did not lead to a significant price increase. Previously, the Dogecoin price had risen by 6% due to the approval of the Bitcoin Exchange-Traded Fund (ETF). At the time of writing, memecoin is down 0.54% in the last 24 hours and is trading at $0.084072. However, its weekly investment gains are positive with a gain of 0.3%. Market sentiment is neutral with a rating of 59/100.
According to analysts, the asset seems to have moved away from Musk’s influence, however, his comments could be a major selling point for holders as the tweet was posted several times in the Dogecoin community.
In late December 2023, analyst Ali Martinez predicted that the asset could perform well in the first quarter of 2024 as on-chain activity looks promising.
“This increase in network activity is a promising sign for #DOGE as it sets the stage for a potential price increase.”
The analyst expects Dogecoin to reach an average price of $0.235557 this year.
