Tesla CEO Elon Musk has revealed his support for Dogecoin (DOGE), citing its popularity among Tesla and SpaceX employees as a key factor in his endorsement. However, he strongly denied any connection between his team and the Dogecoin Foundation, contradicting the Foundation's earlier claims.
Musk’s Endorsement of Dogecoin
Musk’s comments came in response to a tweet by "Dogecoin Millionaire" Glauber Contessoto, who referenced an article stating that one-third of U.S. cryptocurrency holders own DOGE. Musk explained:
"After speaking with countless Tesla factory workers and SpaceX engineers—none of whom are financial experts or tech elites—I realized Dogecoin is truly the people’s cryptocurrency. Their trust in DOGE inspired my support."
This endorsement highlights Musk’s influence on crypto markets, where his statements often trigger significant price movements.
Musk Denies Links to Dogecoin Foundation
The confusion arose when the Dogecoin Foundation listed Musk’s family office manager, Jared Birchall, as a legal and financial advisor. Musk swiftly denied this:
"Neither Jared, myself, nor anyone we know is affiliated with this foundation."
Despite Musk’s denial, Birchall’s name remained on the Foundation’s website at the time of reporting, raising questions about transparency.
Market Reactions and Musk’s Crypto Holdings
Musk also clarified his personal crypto holdings:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
He confirmed he owns no Shiba Inu (SHIB) or tokens related to his dog, Floki. Following his tweet, SHIB’s price dropped 15% (CoinGecko data).
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FAQs About Musk and Dogecoin
1. Why does Elon Musk support Dogecoin?
Musk believes DOGE is accessible to everyday users, unlike more technical cryptocurrencies. His employees’ enthusiasm convinced him of its grassroots appeal.
2. Is Musk involved with the Dogecoin Foundation?
No. Musk explicitly stated that neither he nor his associates have ties to the Foundation, despite the Foundation’s claims.
3. How did Musk’s comments affect SHIB’s price?
His disclosure of not holding SHIB contributed to a 15% price decline, demonstrating his market influence.