Elon Musk, the Chief Executive Officer (CEO) of Tesla and SpaceX, has always been quite optimistic about Dogecoin (DOGE), frequently sharing humorous tweets regarding the popular meme cryptocurrency. However, the SpaceX CEO has recently stated that he is not actively involved in the cryptocurrency space. This seems to contradict his highly visible fondness for Dogecoin, the leading meme coin, prompting the question of why he continues to prefer Dogecoin over other digital currencies.
Elon Musk Takes a Step Back from Crypto
In a recent video shared by a well-known Dogecoin supporter account named ‘CEO’ on X (formerly Twitter), Musk made a public announcement that he is not actively engaged in cryptocurrencies. This news might surprise many within the crypto community, given Musk’s past involvement with digital currencies.
Recognized as the leading supporter of Dogecoin, the premier meme coin, Musk’s influence has consistently been considered a bullish indicator that could elevate DOGE to new heights. Back in April 2019, the Tesla CEO expressed on Twitter that Dogecoin was his favorite cryptocurrency. Later, in January 2022, Musk announced that Tesla would start accepting DOGE payments for merchandise.
The billionaire entrepreneur significantly contributed to Dogecoin’s remarkable popularity and value increase through his sporadic humorous remarks about the meme coin. These various involvements with the DOGE meme coin certainly clash with Musk’s claim of reducing his engagement in cryptocurrency.
One possible explanation for the SpaceX CEO’s hesitation to engage in the cryptocurrency market may stem from previous legal challenges, as he faced a lawsuit for allegedly promoting DOGE. In June 2023, Musk was accused of insider trading by investors, leading to a $258 billion lawsuit. Fast forward to August 2024, the SpaceX CEO had successfully won the dismissal of this lawsuit, and although this was a significant victory, the stress from the lawsuit may have influenced his recent withdrawal from crypto.
Even though Musk claims he is not actively engaged in cryptocurrency, his companies continue to utilize it for payments and hold a substantial amount of Bitcoin. Tesla has integrated Dogecoin as a payment option and currently owns 9,720 BTC, valued at $667.7 million, while SpaceX holds 8,285 BTC, amounting to $572.05 million.
Musk’s Ongoing Enthusiasm for Dogecoin
Despite stepping back from actively participating in cryptocurrencies, the Tesla CEO seems to remain notably bullish on DOGE. In the earlier X video, Musk shared his fondness for Dogecoin, highlighting its playful dog-themed humor as a key reason for his ongoing enthusiasm.
He mentioned that he often jokes about Dogecoin because he believes the meme coin embodies the best sense of humor, thanks to its entertaining dog-themed memes. Furthermore, the Tesla CEO played a pivotal role in Dogecoin’s over 10% rise last week following his announcement of a new proposal, “The Department Of Government Efficiency (D.O.G.E).”
Featured image created with Dall.E, chart from Tradingview.com
