Elon Musk, the Chief Executive Officer (CEO) of Tesla and SpaceX, has long been an ardent supporter of Dogecoin (DOGE), frequently sharing lighthearted tweets about the iconic meme coin. However, in a recent statement, Musk revealed that he is not actively participating in cryptocurrency. This seems to contradict his well-known fondness for Dogecoin, the leading meme coin, prompting inquiries into why he continues to show preference for Dogecoin over other digital currencies.
Elon Musk Takes a Step Back from Crypto
In a recent video shared by a prominent Dogecoin advocate account named ‘CEO’ on X (formerly Twitter), Musk declared that he is not actively involved in cryptocurrencies. This announcement may surprise many within the crypto community, given Musk’s historical engagement with cryptocurrencies.
As the most notable champion of Dogecoin, the top meme coin, Musk’s impact has been consistently viewed as a bullish element that could elevate DOGE to new heights. Back in April 2019, the Tesla CEO tweeted about Dogecoin, referring to it as his favorite cryptocurrency. Following that, in January 2022, Musk announced that he would start accepting DOGE for merchandise at Tesla.
The billionaire business magnate also significantly contributed to Dogecoin’s surge in popularity and value increases through his occasional humorous remarks regarding the meme coin. His numerous interactions with the DOGE meme coin certainly contradict Musk’s statement about stepping back from active participation in cryptocurrency.
One possible reason for Musk’s hesitance in cryptocurrency could stem from prior issues, as he faced a lawsuit for allegedly endorsing DOGE. In June 2023, Musk was accused of insider trading by investors, culminating in a $258 billion lawsuit. By August 2024, Musk had successfully had the lawsuit dismissed, and while this was a significant victory, the fallout from the lawsuit may have influenced his recent withdrawal from crypto.
Although he claims to be stepping back from cryptocurrency involvement, Musk’s companies continue to accept it as payment and possess a substantial amount of Bitcoin. Tesla has embraced Dogecoin as a payment option and currently holds 9,720 BTC, valued at $667.7 million, while SpaceX owns 8,285 BTC, estimated at $572.05 million.
Musk’s Ongoing Support for Dogecoin Remains Bullish
Although Musk has taken a step back from active cryptocurrency involvement, he seems to remain notably bullish on DOGE. In the earlier video on X, Musk conveyed his love for Dogecoin, highlighting its playful dog-themed humor as a reason for his continued enthusiasm.
He explained that he often jokes about Dogecoin because he believes it has the best humor, particularly with its fun dog-themed memes. Additionally, Musk played a crucial role in Dogecoin’s more than 10% increase last week following his mention of a new initiative titled “The Department Of Government Efficiency (D.O.G.E).”
Featured image created with Dall.E, chart from Tradingview.com
