Elon Musk’s support for Dogecoin is well documented. Whether through his countless tweets, his appearance on SNL, or SpaceX’s decision to accept DOGE as payment, there are few other individuals who are so commonly associated with Dogecoin.
Given this, one would expect Musk to have a sizeable investment in Doge, but just how much does The Dogefather own, if any?
How much Dogecoin does Elon Musk hold?
While the Dogecoin blockchain means that every DOGE wallet is publicly viewable, the holders of these wallets remain anonymous. This means that those scouring the blockchain hoping to find Musk’s name will run into trouble pretty fast.
As such, there is no way of knowing how much Dogecoin Elon Musk owns without the billionaire disclosing the figure. While such outlandish moves are common for Musk, sharing this might go a bit too far even for him.
Internet sleuths on Reddit, however, believe they may have found a wallet belonging to Musk. This followed a tweet on February 10, in which he said he had donated some Dogecoin to GiveDirectly. By looking at the transactions of the wallet GiveDirectly shared, these users suspect that the wallet that donated 150,000 DOGE right before Musk’s tweet belongs to the billionaire. As of June 2021, the wallet in question holds over 2,500,000 DOGE.
Despite this, there is no way to know for certain if this really is Musk’s wallet. Indeed, Musk could also own multiple wallets.
Speculation also exists that suggests Musk is the mystery Dogecoin ‘whale’ who holds over 36 billion DOGE - some 28.27% of the total circulation. This is disputed, however, and Musk has previously warned against cryptocurrencies being too concentrated.
Musk has also said on Twitter that he has not sold any of his Dogecoin holdings, stating “I haven’t & won’t sell any Doge” in a reply to a tweet describing him as “the ultimate hodler”.
The Tesla CEO also tweeted in February 2021 that he had purchased Dogecoin for X Æ A-Xii – his and Grimes’ son. Again, the amount is not disclosed.
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Elon Musk Dogecoin Support
The self-proclaimed Dogefather is known to openly endorse Dogecoin on Twitter, which has often ended up swaying the prices of Doge for good. Musk had earlier supported Doge by declaring his likeness for the crypto, adding that he will accept payments in Doge in exchange of some of his Tesla merch.
Elon Musk's frequent support of Dogecoin has recently landed him in troubled waters. The Tesla chief is now being sued by an American Doge investor Keith Johnson for openly promoting. Johnson also accused Musk of being a part of a "racketeering" group that "pumps" the prices of Dogecoin.
However, Musk seems to be unfazed by the recent legal drama, and has again tweeted his support for Doge. As a result, the prices of Doge are up 3% in the last 24 hours, trading at $0.06053.