How Much Dogecoin Does Elon Musk Own? $100K, $1M, Or Is He A Whale?


How Much Dogecoin Does Elon Musk Own? $100K, $1M, Or Is He A Whale?

The support of Elon Musk for Dogecoin is well known. Few other people are as closely linked with Dogecoin as he is, whether it's because of his many tweets, his participation on Saturday Night Live, or SpaceX's willingness to take DOGE as payment.

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Given this, one may expect Musk to have a significant stake in Doge, but how much, if any, does The Dogefather own?

What are Elon Musk's Dogecoin holdings?

While every DOGE wallet on the Dogecoin blockchain is visible to the public, the owners of these wallets remain anonymous. This implies that anyone looking for Musk's name on the blockchain will quickly run into difficulty.

As a result, it's impossible to tell how much Dogecoin Elon Musk owns without the billionaire declaring the amount. While Musk is known for his bold acts, releasing this one could be a step too far even for him.

Reddit sleuths, on the other hand, believe they may have discovered Musk's wallet. This came after he announced on Twitter on February 10 that he had contributed some Dogecoin to GiveDirectly. These people believe the wallet that gave 150,000 DOGE just before Musk's post belonged to the billionaire after looking at the transactions of the wallet GiveDirectly disclosed. The wallet in question has about 2,500,000 DOGE in it as of June 2021.

Regardless, there's no way of knowing for sure if this is Musk's wallet. Musk might, in fact, be the owner of many wallets.

There's also speculation that Musk is the mysterious Dogecoin'whale' who owns over 36 billion DOGE or 28.27 percent of the whole supply. However, this is debatable, and Musk has already warned about cryptocurrency concentration.

Musk also stated on Twitter that he has not sold any of his Dogecoin holdings, replying to a post labeling him as "the greatest holder," "I haven't & won't sell any Doge."

In February 2021, the Tesla CEO also tweeted that he had acquired Dogecoin for X A-Xii, his and Grimes' son. The sum, once again, is not disclosed.

Support for Dogecoin by Elon Musk

The self-proclaimed Dogefather is notorious for publicly endorsing Dogecoin on Twitter, which has frequently resulted in Dogecoin prices being swayed for the better. Musk has already shown his support for Doge by professing his fondness for the cryptocurrency and stating that he will take Doge payments in return for certain of his Tesla merchandise.

Elon Musk's constant promotion of Dogecoin has gotten him in hot water recently. Keith Johnson, an American doge investor, has filed a lawsuit against Tesla's CEO for aggressively promoting the company. Johnson further accused Musk of being a member of a "racketeering" gang that "inflated" dogecoin values.

Musk, on the other hand, seemed unconcerned by the new legal turmoil, tweeting his support for Doge once more. As a consequence, Doge's price has increased by 3% in the previous 24 hours, trading at $0.06053.



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