Elon Musk Reveals He Owns “A Bunch of Dogecoin”

Tesla CEO and X (formerly Twitter) owner Elon Musk has confirmed his ownership of a significant amount of Dogecoin (DOGE), the meme-inspired cryptocurrency that has captivated the crypto community for years.

An audio recording recently surfaced, where a voice resembling Musk’s claimed he holds “a bunch of Dogecoin.” The clip also mentioned that Tesla, the electric vehicle giant Musk leads, owns a large amount of Bitcoin (BTC). Although the authenticity of the voice remains unverified, the recording suggests that Musk holds a sizable position in Dogecoin, further fueling speculation about his crypto investments.

Musk’s Relationship with Dogecoin

Musk has long been an outspoken supporter of Dogecoin, often referring to it as a fun and interesting asset. He first voiced his admiration for Dogecoin between 2018 and 2021 when the meme coin began to gain mainstream traction. In addition to his public support, Musk’s company Tesla began accepting Dogecoin for merchandise purchases in early 2022.

The audio clip adds weight to the idea that Musk’s interest in Dogecoin is more than just a passing joke. Despite the coin’s humble beginnings as a meme, it has gained significant value, growing by a staggering 431,691% since its launch in 2015.

Tesla’s Bitcoin Journey

While Musk has had a complex relationship with Bitcoin, he also revealed in the clip that Tesla holds a large amount of BTC. Tesla first bought Bitcoin in 2021 but sold a portion of its holdings later that year, citing concerns about the environmental impact of Bitcoin mining. However, Musk indicated that Tesla might reconsider its stance on Bitcoin if energy-related concerns with mining operations are addressed.

In a notable move last month, Tesla transferred $769 million worth of Bitcoin to new wallets, which some analysts believe signals a potential shift in Musk’s attitude toward the digital asset. This could hint at the possibility of Tesla once again supporting Bitcoin in the future.

Dogecoin’s Market Position

Dogecoin remains the largest meme coin by market capitalization, currently valued at around $55 billion. Despite experiencing a dip from its peak market cap of $90 billion in 2021, Dogecoin is still seen as a major player in the crypto space, with many speculating that it could return to its all-time high in the next market cycle.

Musk’s public backing continues to play a significant role in Dogecoin’s popularity. His recent comments about possibly re-adding Dogecoin as a payment option on Tesla’s platform — shortly after a court dismissed a billion-dollar lawsuit accusing him of running a Dogecoin pyramid scheme — suggest that Musk’s support for Dogecoin may continue to drive its price and popularity in the future.

In summary, Musk’s latest comments further solidify his ongoing involvement with Dogecoin and the broader cryptocurrency space. While the market for meme coins is volatile, Musk’s continued endorsement of DOGE, along with Tesla’s sporadic interest in Bitcoin, keeps both assets in the spotlight. As always, speculators remain keen to see how Musk’s influence will shape the future of these digital assets.