Elon Musk, known for his interest in cryptocurrencies, is once again in the spotlight due to reports about his holdings in Dogecoin.
Musk's Revelations about Dogecoin
Recently, an audio clip featuring Elon Musk's voice surfaced online. In this clip, Musk is heard saying that he holds a significant amount of Dogecoin, while his company Tesla holds bitcoin. Although the authenticity of the recording could not be verified, its content has rekindled interest in Musk's crypto portfolio.
Dogecoin: Past and Present
Launched in 2015, Dogecoin has grown 431,691% since its inception. The Shiba Inu dog-inspired token is known as one of the first meme cryptocurrencies. Elon Musk first expressed his admiration for Dogecoin between 2018 and 2021, when interest in cryptocurrencies was on the rise. He noted its interesting technical aspects as a currency and its humor as a meme.
Tesla and Crypto Prospects
Tesla added Dogecoin as a payment option on its website in early 2022. The company also bought bitcoin in 2021, but later sold some holdings citing environmental concerns. Recently, Tesla moved $769 million in bitcoin to new wallets, sparking speculation about the potential resumption of crypto support. Dogecoin remains the top meme coin, with a market capitalization of $55 billion.
Following the dismissal of the lawsuit against Musk concerning a pyramid scheme allegation, his interest in Dogecoin continues to be strong. Tesla might continue its engagement with this meme cryptocurrency in the future.
