Elon Musk, a prominent supporter of Dogecoin (DOGE), has revealed that he still holds a significant amount of the cryptocurrency. His past tweets have been known to influence the value of Dogecoin, at times making it the most popular crypto token in the US, surpassing Bitcoin. Despite this, his recent statement did not significantly affect the price of DOGE.
Musk’s influence on Dogecoin has been evident over the years, with the price of DOGE often linked to his decisions. This includes the acquisition of Twitter, now known as ‘X’. Many fans remain hopeful that Dogecoin could become one of the payment options on the platform.
In a statement to X-Space, Musk confirmed that he still holds a lot of Dogecoin and that SpaceX, his space exploration company, has a large amount of Bitcoin. Last year, SpaceX reported $373 million worth of bitcoin on its balance sheet for 2021 and 2022, with some bitcoin having been sold.
Furthermore, Tesla, another company led by Musk, reportedly acquired $1.5 billion worth of Bitcoin in 2021. The Q2 2023 earnings report shows that the company sold all of its holdings, leaving it with $184 million worth of Bitcoin. In the second quarter of 2022, over 30,000 BTC worth 936 million dollars were liquidated. This represented 75 percent of the 1.5 billion dollars originally raised. This suggests that Musk still has an interest in cryptocurrencies.
Despite Musk’s influence, the price of Dogecoin did not significantly increase following his latest statement. At the time of writing, memecoin is down 0.54% in the last 24 hours and is trading at $0.084072. However, its weekly investment gains are positive with a gain of 0.3%. Market sentiment is neutral with a rating of 59/100.
Analysts suggest that Dogecoin seems to have moved away from Musk’s influence. However, his comments could still be a major selling point for holders as the tweet was posted several times in the Dogecoin community. Analyst Ali Martinez predicted in late December 2023 that the asset could perform well in the first quarter of 2024 as on-chain activity looks promising. He expects Dogecoin to reach an average price of $0.235557 this year.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ali Martinez, Elon Musk |
| Companies | Crypto News Flash, Tesla, Twitter, Wall Street Journal, SpaceX |
| Currencies | Bitcoin, Dogecoin |
| Securities | None |
