Key Points
- Elon Musk allegedly owns a significant amount of Dogecoin, alongside Tesla’s Bitcoin holdings.
- Dogecoin, a meme coin, has seen a growth of 431,691% since its launch in 2015.
Elon Musk, the CEO of Tesla and SpaceX, is rumored to have a considerable investment in Dogecoin. This claim is based on an audio clip where a voice, believed to be Musk’s, admits to holding a significant amount of the meme coin.
In the same clip, the speaker also mentions that Tesla, Musk’s automobile company, possesses a substantial quantity of Bitcoin, the leading digital currency. The value of Tesla’s Bitcoin holdings surpasses that of Meta, Silver, and Saudi Aramco.
Elon Musk and Dogecoin
However, it’s important to note that the authenticity of the voice in the recording has not been confirmed. Dogecoin, which was launched in 2015, has seen a remarkable growth of 431,691% since its inception. This Shiba Inu dog-inspired token holds a significant place in the history of cryptocurrency as one of the original meme coins.
Musk first publicly acknowledged his admiration for Dogecoin between 2018 and 2021, during a period of increasing mainstream interest in cryptocurrencies. He found the coin intriguing from a technical perspective and amusing as a meme. In early 2022, Tesla began accepting DOGE as a payment option for its merchandise.
Musk’s Bitcoin Controversy
In 2021, Tesla purchased Bitcoin but later sold some of its holdings. Musk expressed concerns about the environmental impact of Bitcoin mining and node operations. However, he hinted that Tesla might reconsider its stance on Bitcoin if these energy issues were addressed.
Recently, Tesla transferred $769 million of its Bitcoin to new wallets. This move was interpreted by some as a sign that Musk and Tesla might be reconsidering their Bitcoin strategy.
Despite the controversy, DOGE remains the leading meme coin in the crypto market, boasting a market capitalization of $55 billion at the time of publication. The token reached its peak in 2021 with a market cap of around $90 billion, but currently trades at 50% below its all-time high.
Some speculators believe that DOGE could return to its all-time high during this cycle and might receive additional public support from Musk. In August, a judge dismissed a multi-billion-dollar lawsuit against Musk, which alleged that he was running a DOGE pyramid scheme.
Musk expressed interest in reintegrating DOGE into Tesla’s platform less than a day after the judge’s verdict.