Dogecoin: How Much DOGE Does Elon Musk Have? (2024)
It is no secret that tech billionaire Elon Musk is an avid Dogecoin (DOGE) fan. The Tesla, X, and SpaceX CEO has never shied away from praising the original memecoin. Musk has said that he likes the non-serious nature of the project. He has also said it would be ironic if the currency that started as a joke becomes the currency of the future.
Musk’s comments on DOGE have often led to violent price swings. Moreover, the tech billionaire has also faced lawsuits from DOGE investors who claim they lost money because of Musk.
However, this has not stopped Musk from continuing his support for DOGE. In a recent X Space discussion, Musk said he still owns a “bunch of Dogecoin,” while SpaceX owns a “bunch of Bitcoin.”
However, unlike before, DOGE prices did not move much after Musk’s comment. The dog-themed crypto is down by over 7% in the weekly charts.
How much Dogecoin does Elon Musk have?
Elon Musk is the wealthiest man in the world. When he says that he has a “bunch” of DOGE, it might mean more than six figures worth. However, it is unclear how much DOGE Musk owns.
One theory suggests that Musk is a mystery Dogecoin (DOGE) whale with over 36 billion tokens. This wallet owns around 28.27%of the total DOGE in circulation. Others dispute this claim and say that Musk is against cryptocurrencies concentrated in the hands of a few.
Regardless, there is no disputing that Musk is a Dogecoin (DOGE) and cryptocurrency supporter. The billionaire recently spoke about whether Bitcoin (BTC) can be a currency on Mars. According to Musk, the transaction time would be a barrier. However, he did say that localized settlements would help with the transaction delay.
One theory suggests that Musk is a mystery Dogecoin (DOGE) whale with over 36 billion tokens. This wallet owns around 28.27% of the total DOGE in circulation.
Speculations Around Musk's Shares in the Dogecoin Supply
The Tesla CEO, once nicknamed “the Dogefather,” recently confirmed owning a significant share of this crypto. Additionally, he revealed that SpaceX also holds bitcoins, broadening the perspective on his companies' crypto investment strategies.
1. Robinhood wallet. This address is by far the largest Dogecoin holder, as it owns roughly 23.4% of the entire DOGE supply. It is not the only Dogecoin wallet controlled by Robinhood, but is easily the biggest.
Musk's love for dogecoin does not come as a surprise for anyone who follows his Twitter feed, which punctuates news of rocket launches and electric car updates with memes and offbeat references to online culture.
The live price of Dogecoin is $ 0.123516 per (DOGE / USD) with a current market cap of $ 17.89B USD. 24-hour trading volume is $ 639.59M USD. DOGE to USD price is updated in real-time.
As a result, our DOGE price prediction for 2024 is positive, with estimates of a potential high of $0.35, a low of $0.083, and an average price of $0.215 by the end of 2024.
Dogecoin appeals to both short and long-term investors. For example, those buying Dogecoin in 2014 would have paid just over $0.0002 per token. Those holding onto their Dogecoin until May 2021 would have witnessed gains of almost 370,000%. This means the portfolio would have been worth $370,000 for every $100 invested.
Trending: Dogecoin millionaires are increasing — investors with $1M+ in DOGE revealed! Musk has played a huge role in the success of DOGE. While the initial tweet did not have much of an impact on the price, Musk continued to post about DOGE over the next few years, helping to raise awareness about the token.
Elon Musk has been professing his love for Dogecoin for a few years now — his first post about it goes back to 2019, when he called it his “fav cryptocurrency” — and he has since been sending the crypto on a rollercoaster ride following each one of his multiple posts about it.
While he personally believes in crypto and owns some himself, he also calls it a “Hail Mary.” In a January ask-and-answer session on X, Cuban said that his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment.
For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task. In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
Rollblock (RBLK) is becoming one of the most prominent altcoins. Thanks to its long-term growth potential, this stage 1 presale star has the potential to compete with huge coins such as Solana (SOL), Avalanche (AVAX) and Binance Coin (BNB). In fact, certain analysts peg this rookie as the next 1000x altcoin in 2024.
There are analysts who believe that Dogecoin has massive long-term potential for growth and adoption. CoinMarketCap analysts expect Dogecoin to remain a major player in the cryptocurrency market for years to come and foresee that its price could reach up to $4,423 by 2050.
Simply put, there is no way Shiba Inu can rise to $1 in its current state. The community is trying to shrink supply by "burning" tokens, which removes them from circulation forever, but efforts have been futile so far.
Shiba Inu was founded in August 2020 by an anonymous founder known as 'Ryoshi.' The coin gets its nickname from the similarly named adorable dog breed.
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