Elon Musk has his own level of influence when it comes to the crypto market. It is natural to be curious about his level of involvement with the cryptocurrencies he seems to advocate openly. He has frequently tweeted about many different cryptocurrencies and has influenced their price volatility to great degrees.
The great correlation of Elon Musk was found towards Dogecoin, Bitcoin, and CumRocket. In this article, we will try to explore just how many dogecoins he actually owns. It will help us get a fair idea of how much of the market controls and how he influences other investors.
He Owns Three Cryptocurrencies
We should go chronologically to try to answer the question about how much of the many cryptocurrencies Musk actually owns. Musk has been quite active on twitter and now he has bought it. His series of tweets have led to the rise and fall of BTC very recently due to the institutional investment of Tesla and accepting payment in BTC.
But the story begins when a twitter account promoting Shiba Inu cryptocurrency asked Musk how much of it he owns. Musk actually replied and used one word to say that he did not own any. This could have been it but he actually followed up on this one word statement and let the people know which cryptocurrencies he owned.
Bitcoin, Ethereum and Dogecoin were declared to be the three cryptocurrencies he has invested into. It is natural that Bitcoin would be on the list because it owns the largest market share currently and is projected to reach an all time high very soon. Know more about bitcoin through bitlq.de.
Ethereum is steadily growing and comes second only to bitcoin. It is the only altcoin with a significant market share. The platform of Ethereum is being developed to support better app development on the network. These upgrades are possibly going to drive up the market cap for ETH too. These two, therefore, become logical choices for any investor wanting to diversify their investment portfolio.
Dogecoin seemed to be the odd one out of these three. However, all three have been on a n upward curve granted Musk was backing them now. But if you have been following the viral twitter trends, you would know that there is no one that backs dogecoin quite like Elon Musk. It was mentioned on SNL apart from Musk’s tweets.
SpaceX is also now accepting DOGE as the payment mode for interested investors so there has to be something behind this involvement, right? Let us find out.
How Much of DOGE Does He Own?
The blockchain of Dogecoin works to publicly display the wallets sof all the people involved. But while transparency is good enough, it maintains the anonymity of the owners so you would not know who the wallets belong to. So, you cannot just search Elon Musk to find his wallet details.
Anyone who goes looking for a wallet comes up empty because there is no way to verify anything. Musk would very well have to tell us the figure himself if we are to say something with surety. But some redditors might have found the answer. They claim to have found the dogecoin wallet that belongs to Musk.
The dogecoin wallet and related details were found out through a transaction which Musk claimed to have made recently. Since wallet details are free to see, the redditors went through the details of the transfers according to the tweets. In February 2022, Musk tweeted that he had donated DOGE to GiveDirectly.
GiveDirectly shared some details about the entire donation process and people were quick to get to work about finding out just how the entire transaction was carried out. So people went through the process of finding out the details of the entire transfer based on the speculated dates and details.
The Exact Value
The redditors suspected that the wallet had 150,000 DOGE transferred to some other wallet recently. This particular transaction was seen around the time Musk made the tweet about the donation. The timeline was matched and this donation was linked to a wallet which had a huge amount of DOGE.
This wallet account was suspected to be linked to the billionaire and now holds 2,500,000 DOGE. But while this is a well-rounded figure, there is no way of knowing if it actually belongs to Musk. And even if it is, we have no way of knowing if this is the only digital wallet he has. He can have multiple wallets that are difficult to track and are anonymous.
Musk has been so invested in this particular cryptocurrency that he might as well own a large share of all the dogecoins in circulation. If we go by speculation, and speculation is all we have, he can very well have about 36 billion DOGE currently.
This quantity of coins amounts to a little more than 28% of the total coins circulating in the market. Musk’s claims also help in determining just how committed he is to the entire ordeal in the long run. He has said with surety that so far has not sold any of the DOGE he owns. He does not have any plans to sell it in the future either. He does not plan to get go of his digital assets and has even bought DOGE for his son.
Elon Musk has great influence on the cryptocurrency market and every investor keeps track of his involvement with different cryptocurrencies. He has significant institutional investment in Bitcoin and owns a large share of dogecoins. The platform of dogecoins is made in such a way that the details of the wallet are shared to the public without revealing the identity of the owner. People have speculated that he might have a wallet in which there is 2,500,000 DOGE. But there is no way of knowing if that is the only wallet he owns.