Elon Musk Crypto Currency ‘Dogecoin’ is very interesting

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Elon musk, the wealthiest and the most powerful guy on earth is one of the biggest crypto investors.

Since the inception of crypto market, Musk has been the biggest supporter to these digital currencies.

Elon musk cryptocurrency love is also clearly visible through his social media accounts where the founder of tesla motors daily publishes his opinions on the digital asset.

Amid so many interesting opinions surrounding Musk and crypto relation, one crypto asset that Elon musk own has long been a famous topic of discussion.

And that digital asset aka the crypto currency is dogecoin that seems to be more favorite Elon Musk Crypto currency, but why?

Elon Musk’s Crypto Currency Choice – The Dogecoin

After elon musk dogecoin tweet in a row, it’s very clear now that the richest guy on the earth is a face of this currency.

But being the biggest supporter of Dogecoin, Mr Musk is also a notorious among dogecoin investors,

Especially when the currency failed to yield desirous results for the investors as we all know the recent news articles.

Recently, tesla motors founder has been sued for $258 billion by a Dogecoin investor “Keith Johnson“

elon musk cryptocurrency updates
Source: NDTV

An American citizen who alleges that Elon Musk and his companies are involved in illegal racketeering enterprise to inflate Dogecoin’s price.

On it, musk put forward his statements

“I have never said that people should invest in crypto, I intend to personally support dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support dogecoin, so I’m responding to those people,”

Musk said in an interview with Bloomberg at the Qatar Economic Forum on Tuesday.

Last year, Elon Musk has also branded himself as the “Dodgefather

Adding to it, he also said that people working in his factories forces him to invest more on Dogecoin.

One of Elon Musk’s twitter reveals that apart from Dogecoin, the tesla car founder have even invested in expensive crypto currencies like Bitcoin and Ethereum.

You can use the following crypto currencies at any of Elon Musk’s enterprise as he openly accepts these digital coins for now.

But Elon Musk crypto currency love with Dogecoin is still indigestible. Why the man is so supportive to this crypto coin.

Is Elon the Founder of Dogecoin Crypto Currency?

Elon Musk has been an active investor of Dogecoin since the currency’s launch.

But he isn’t a founder of dogecoin!

Dogecoin is a creation of two software engineers Billy Marcus and Jackson Palmer who created the most favorite Elon musk crypto currency in late 2013.

The duo branded the cryptocurrency’s logo using a popular meme popular that belongs to a Shiba Inu Dog that long ago was misspelled as “doge” to describe the Japanese dog identity.

But eventually it went popular.

Thanks to the founder of Tesla – Mr. Elon Musk – for building up his interest in this digital currency.

The Richie rich has invested a chunk of his wealth in Bitcoin and Ethereum.

But compared to others Elon Musk stays more promotional for Dogecoin.

In one of his tweet he used the words “it’s pretty cool” for the dogecoin.

As of June 2021, it is reported that his wallet had over 2,500,000 DOGE coins that’s totally huge.

So should we believe that Elon Musk crypto currency fan is ruling Dogecoin because he owns the most DOGE coins, perhaps not.

Is Elon Musk The Biggest Dogecoin Investor?

In short, it is a big NO. Elon musk isn’t the biggest dogecoin investor but a mysterious whale is.

A portfolio named Whale has recently been reported as the largest Dogecoin holder, and it has further expanded its portfolio recently.

mysterious portfolio named Whale is the biggest dogecoin holder
Source: India Today

As per a data from Bitinfocharts it has been seen that a Dogecoin address has 36.7 billion Dogecoins to its portfolio that it has been collecting since 2019.

This takes the mysterious whale’s total holdings to $14.7 billion. The single address accounts for nearly 28 pct of total Dogecoins.

However, Elon Musk Seems a small player of the game but that’s also a wrong statement.

The founder of electric cars and spaceX has long been skyrocketing the demand of crypto currency by becoming its biggest marketers.

But, How Elon Musk Is Ruling the Dogecoin?

As we all know, crypto currency market run exclusively on demand and supply basis.

And through his massive fan following, Elon Musk has readily been influencing the demand and supply chain of Dogecoin.

As you can see in the image below,

elon musk has one hundred million twitter followers dogecoin 1
Source: Elon Musk (Twitter)

Elon Musk fans reported till the date of this published article is 100 Million plus, making him one of the most influential personality on twitter in the industry.

Very clear! With millions of followers, deriving traction for the Dogecoin in the market isn’t too difficult for the richest man of the century.  

As you can see in the image below,

elon musk tweet to uber facts on dogecoin
Source: Uber Facts (Twitter)

Musk reaction to a tweet made by Uber Facts on Dogecoin did a miracle.

As per CoinGecko, soon after this tweet, DOGE’s price jumped by 5% in less than an hour (on Oct 22, 2021).

Once again, Dodgecoin jumped by 10% as Elon Musk changes his profile picture.

It happened because in the picture Musk can be seen wearing Doge Glasses that compelled twitter user plus dogecoin investors to take an action.  

On Friday, the 27th of May 2022, Dogecoin Value Soars as Elon Musk Dropped a tweet stating that his company SpaceX and Tesla will soon begin accepting  Doge as a payment.

elon musk spaceX will accept dogecoin payment
Source: CNBCTV18

And recently on  June 19, 2022 Elon Musk tweet made headlines  with a short message “I’ll keep supporting dodgecoin.”

The tweet picked up investor’s focus and has gained 394.4k likes so far.

Soon after this tweet, Dogecoin Value grows by 23.3% and that’s also happening in the times when the world is experiencing the biggest crypto market crash every in the history.

In a nutshell, it is clearly visible that may be not by other factors but just because of a single tweet by Elon Musk, Dogecoin is growing popular compared to others.

Sahil Dhimaan
Sahil Dhimaan

Hi Friend!!! Nice to meet you here. I Sahil Dhiman (a passionate writer turned blogger, YouTuber, social media influencer, stock market and crypto investor) welcomes you all to my website - Gyanfry.com – the only place where Gyan taste better for you, me, your family and friends.

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