Elon Musk: I Still Hold a Lot of Dogecoin, SpaceX Owns Plenty of Bitcoin
In a recent X Space conversation, billionaire entrepreneur Elon Musk reiterated his unwavering support for Dogecoin, the meme-inspired cryptocurrency that captured the attention of the financial world in 2021. Musk disclosed that he continues to hold a significant amount of Dogecoin, emphasizing that it remains his favorite cryptocurrency.
The SpaceX and Tesla CEO, known for his outspoken nature on social media, clarified that while he personally owns Dogecoin, his companies have diversified their cryptocurrency holdings. SpaceX, Musk’s aerospace manufacturing and space transportation company, reportedly holds Bitcoin, the leading cryptocurrency in the market.
This revelation comes at a time when the cryptocurrency market is experiencing shifts, with Musk’s comments on Dogecoin not having the same impact as they did in the past. During the bullish market of 2021, a mere tweet from Musk could trigger substantial double-digit gains in Dogecoin within hours.
Interestingly, despite Musk’s ongoing endorsement of Dogecoin, the market response has been relatively muted. In the last day, the price of Dogecoin saw a modest 6% increase. However, attributing this rise solely to Musk’s comments is challenging, as the entire crypto market has been on a recovery trend following the approval of Spot Bitcoin ETFs.
It’s noteworthy that Elon Musk’s influence on Dogecoin seems to be undergoing a transformation. In the bear market, his remarks no longer yield the drastic price movements witnessed in the past. This could be indicative of a maturing crypto market that is becoming less swayed by individual personalities and more influenced by broader market trends and regulatory developments.
Elon Musk’s continued commitment to Dogecoin and his companies’ embrace of cryptocurrencies, including Bitcoin, reaffirms his belief in the potential of digital assets. The fact that Musk, through SpaceX and Tesla, remains invested in different cryptocurrencies demonstrates a diversified approach to the volatile and ever-evolving crypto landscape.
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