Elon Musk claims that he won’t sell his Dogecoin holdings, DOGE price piked more than 9%

Dogecoin (DOGE) price spiked more than 9% after Tesla CEO Elon Musk confirmed that he would not be selling his crypto holdings. At the time of writing, the coin is trading at $0.113 on major spot exchanges.


DOGE/USD 4-hour chart | Source: TradingView

Dogecoin (DOGE) price spikes as Elon Musk said that he wouldn’t sell his crypto

In addition to the canine cryptocurrency, Musk also owns Bitcoin and Ethereum. He initially revealed the composition of his crypto portfolio at “The B Word,” an online conference in July. During the event, Musk made it clear that he was not interested in pushing the price of Bitcoin and selling it while declaring that he wanted the biggest cryptocurrency to succeed.

In October, the businessman explained that he bought three cryptocurrencies “out of curiosity” while urging his followers not to stake their farm on cryptocurrencies. At the time, Musk also denied owning the Dogecoin Shiba Inu coin, which gave the dog cryptocurrency a temporary price drop.

While the size of Musk’s crypto holdings is unknown, Tesla reportedly owned more than $2 billion worth of Bitcoin in early February. The leading e-car maker made the largest $1.5 billion crypto purchase in early 2021.

Musk took a veiled swipe at MicroStrategy CEO Michael Saylor, who predicted that weaker currencies would collapse, and the flight of capital from other assets to Bitcoin will “intensify.” The world’s richest man joked that the response of one of permabull wasn’t “entirely unpredictable.”

After the US consumer price index (CPI) spiked 7.9% from a year ago, its highest level in more than 40 years, Musk took to Twitter to ask his followers about the probable inflation rate over the next few years.

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