Elon Musk recently spent a significant amount of time in an X Space (formerly known as Twitter Space). dogecoin He announced that he continues to hold it. This statement is in line with Musk’s previous endorsements, which significantly increased the value of Dogecoin in 2021.
Koinfinans.com As we reported, in the same discussion, Musk said that space exploration company SpaceX has invested a significant amount of money in BitcoinHe emphasized that he had . For this reason, he has demonstrated his broader confidence in cryptocurrencies. Musk’s electric vehicle manufacturing company Tesla also holds Bitcoin on its balance sheet. This diversified crypto investment strategy demonstrates Musk’s belief in the potential of digital currencies, despite their low profile in crypto discourse lately.
cryptocurrency A significant change was observed in the market regarding the impact of Elon Musk’s statements. Unlike 2021, when Musk’s tweets about Dogecoin triggered significant price increases, the billionaire’s latest comments did not spark similar market reactions. For example, following Musk’s recent support for Dogecoin, the meme coin saw a modest 6% price increase. This reaction cannot be attributed solely to Musk’s support, as it coincides with a broader market recovery triggered by the approval of Spot Bitcoin ETFs.
During Dogecoin’s peak in 2021, Musk’s statements frequently led to significant rallies. However, current market trends suggest that Dogecoin may have gone beyond being significantly impacted by Musk’s influence alone.
Although the impact of Musk’s comments on Dogecoin’s price has diminished, his support remains an important factor for the Dogecoin community. Musk’s statements regarding X Space were widely disseminated and discussed among Dogecoin enthusiasts, with prominent community members amplifying his message.