Elon Musk, the tech billionaire and CEO of Tesla and SpaceX, is no stranger to the cryptocurrency market. In late 2020, he revealed he holds Dogecoin (DOGE), a meme-inspired digital currency.
Musk’s association with Dogecoin significantly influenced its price, propelling it to new heights. From November 2020 to May 2021, DOGE skyrocketed from $0.002 to $0.73, marking an astounding 36,500% increase within six months. This surge turned the cryptocurrency into a profitable investment for countless market participants.
Elon Musk’s enthusiasm for Dogecoin extended beyond mere ownership. He frequently tweeted about the cryptocurrency, referred to it as “the people’s currency,” and even dedicated an episode of Saturday Night Live (SNL), titled The Dogefather, to discuss it. His advocacy for Dogecoin introduced millions of new investors to cryptocurrencies, further driving interest in the sector.
Around the same time, another meme-based cryptocurrency began gaining attention: Shiba Inu (SHIB). With its rapid ascent, Shiba Inu became a notable competitor to Dogecoin, sparking a division among meme token enthusiasts.
Between 2020 and 2021, SHIB experienced an unprecedented rise of 85,000,000% (85 million percent), making it a standout asset during the bull run.
This dramatic performance spurred curiosity among investors about whether Musk, who had endorsed Dogecoin so heavily, had also invested in Shiba Inu.
Speculation regarding Musk’s potential involvement in Shiba Inu reached its peak during the 2021 cryptocurrency rally. Some even theorized that Musk might be the mysterious founder of Shiba Inu. These rumors prompted one user on X to ask if he holds SHIB.
“Hey, Elon Musk, how much SHIB you are holding?” the user inquired. Musk responded succinctly, “None.” This statement clarified that the Tesla CEO does not hold Shiba Inu (SHIB).
Furthermore, Musk confirmed that his cryptocurrency portfolio includes only three assets: Dogecoin, Bitcoin, and Ethereum. His transparency dispelled rumors of any involvement with SHIB.
The rivalry between Dogecoin and Shiba Inu was visible during the bull run, as their communities often clashed on social media. Supporters of both tokens engaged in debates about the merits of their chosen cryptocurrency, fostering a competitive environment in the meme-token market.
While Dogecoin had the advantage of Musk’s endorsement and widespread recognition as a “people’s currency,” Shiba Inu gained traction for its meteoric rise in value and grassroots community-driven initiatives. Both tokens significantly influenced the meme-coin segment, attracting mainstream attention and new investors.
While Musk remains a pivotal figure in cryptocurrency, his portfolio is limited to Dogecoin, Bitcoin, and Ethereum. His public disavowal of Shiba Inu highlights his focus on specific assets, despite the rampant speculation surrounding his influence in the broader cryptocurrency market.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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