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- Tesla and SpaceX CEO Elon Musk highlights he would not sell his Cryptocurrency holdings.
- And his saying once again became a reason for a price spike for the significant meme cryptocurrency Dogecoin (DOGE).
- Furthermore, the centibillionaire also Tweeted about the high inflation rates and asked his followers what their stand was?
Tesla and SpaceX CEO Elon Musk has again contributed to the popular meme cryptocurrency Dogecoin (DOGE) price fluctuation that rose by around 9%.
The change in the DOGE came after he said he wouldn’t sell his cryptocurrency holdings. Elon Musk holds Bitcoin (BTC) and Ethereum (ETH) apart from Dogecoin. Currently, the meme coin is trading for $0.1143 with a market cap of $15,169,914,146. Following the announcement, the coin reached $0.119.
Elon Musk is an influential role player in the popularity of Dogecoin as he often supported the meme coin, especially during the last year. Earlier in the year, Dogecoin witnessed a spike up after the Tesla CEO announced the acceptance of DOGE for Tesla Merch.
Musk revealed his cryptocurrency portfolio last year during an online conference. He specified he does not intend to push the price of Bitcoin but claimed that he wanted the crowned cryptocurrency to succeed. Further in October, he clarified that he purchased the three crypto-assets out of curiosity and suggested the followers not to bet their farm on crypto.
It is clear that he owns some Bitcoin, Ethereum, and Dogecoin but how much of them is not disclosed. But his giant Tesla revealed holding over $2 billion worth of Bitcoin early last month.
Following the U.S. Bureau of Labour Statistics report, that signified the U.S. Consumer Price Index (CPI) to spike up by 7.9% in February, which was at its peak in over 40 years.
Elon Musk asked his follower base of 77.6 Million about their thoughts on the probable inflation rate over the next few years. Further Tweeting about how Tesla and SpaceX are witnessing significant inflation pressure in raw materials and logistics.
Elon Musk has always favored Dogecoin, which has influenced the performance of this meme coin from time to time. And it will be pretty interesting to see how Musk or any of his decisions will affect Dogecoin in the future. But this small quoting by the him has definitely resulted in the price going up.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
