Bitrabo Editorial
Elon Musk, the CEO of Tesla and SpaceX, has long been an enthusiastic supporter of Dogecoin (DOGE), frequently sharing light-hearted tweets about the meme currency. However, he has recently stated that he is not actively involved in the cryptocurrency sector. This has raised questions regarding his ongoing preference for Dogecoin among various cryptocurrencies.
Elon Musk Reduces Crypto Involvement
In a recent video shared by a well-known Dogecoin advocate on X (formerly Twitter), Musk acknowledged that he is stepping back from actively participating in cryptocurrencies. This announcement surprised many in the crypto community, given his previous high-profile involvement.
Musk has been recognized as a major supporter of Dogecoin, a leading meme currency, and his backing has been seen as a significant factor that could elevate DOGE’s value. Back in April 2019, he referred to Dogecoin as his favorite cryptocurrency on Twitter, and in January 2022, he unveiled plans for Tesla to accept DOGE transactions for its merchandise.
His occasional humorous statements about Dogecoin have significantly contributed to the coin’s popularity and price surge, which contrasts with his recent decision to lessen his involvement in the crypto scene.
Musk’s recent hesitance to engage with cryptocurrencies may stem from previous legal troubles. In June 2023, he faced a lawsuit alleging that he engaged in insider trading concerning DOGE, which resulted in a massive $258 billion lawsuit. By August 2024, Musk achieved a favorable outcome with the case’s dismissal, yet the ordeal might have influenced his decision to pull back from direct crypto activities.
Despite claiming lesser involvement, Musk’s enterprises continue to embrace cryptocurrency. Tesla has integrated Dogecoin into its payment system and currently holds around 9,720 Bitcoin, valued at approximately $667.7 million. Similarly, SpaceX is reported to possess 8,285 Bitcoin, estimated at $572.05 million.
Musk Maintains Optimism for Dogecoin
Even as Musk claims to withdraw from active cryptocurrency engagement, his enthusiasm for DOGE remains strong. In the aforementioned X video, he shared his fondness for Dogecoin, noting its amusing dog-themed humor as a reason for his continued support.
He highlighted that his frequent jokes about Dogecoin are driven by its entertaining nature, particularly its dog-related memes. Additionally, he played a significant role in driving a more than 10% increase in Dogecoin’s value following his announcement of a new initiative he called, “The Department Of Government Efficiency (D.O.G.E).”