- Elon Musk has reaffirmed his support for Dogecoin during a period of significant growth in the cryptocurrency market.
- The price of Bitcoin reached a new all-time high above $124,000 per coin as the total crypto market value surpassed $4.2 trillion.
- Musk’s public endorsement of dogecoin continues, though key projects and promises remain unfinished.
- Tesla maintains a balance of approximately 10,000 bitcoin, valued at $1.4 billion.
- Speculation over Musk’s influence on crypto markets persists, particularly after statements about putting the U.S. Treasury on blockchain and supporting bitcoin politically.
Elon Musk, CEO of Tesla and known crypto supporter, renewed his backing of dogecoin as the cryptocurrency market experienced major gains this week. Recent social media activity showed Musk reposting an image related to the meme-based dogecoin, signaling ongoing interest in digital currencies.
The price of bitcoin surged to more than $124,000 per coin, with the combined value of cryptocurrencies like Ethereum and others reaching over $4.2 trillion. The crypto sector saw renewed energy following last year’s U.S. presidential election win by Donald Trump and recent statements by influential figures, including Musk.
On the X platform, an anonymous account often associated with dogecoin and regularly followed by Musk posted, “No highs, no lows, only doge,” with an image of Musk holding the dog that inspired the cryptocurrency’s meme. Over the last year, the price of dogecoin has more than doubled, according to Forbes, despite Musk’s reduced direct involvement.
Musk’s connection with dogecoin began in 2019, and his expressions of support peaked during the COVID-19 pandemic lockdowns. He has made references to ambitious projects involving dogecoin, such as turning it into the “currency of Earth” and promising to put a “literal dogecoin on the literal moon.” However, these goals have yet to be realized.
Recently, Musk suggested plans to introduce X Money, a payments tool for the X platform, aiming to draw comparisons to China’s WeChat app. He has also spoken about the potential for the U.S. Treasury to use blockchain technology—the framework behind cryptocurrencies like bitcoin—to address what he perceives as government inefficiency. He has named dogecoin his “favorite” cryptocurrency and allowed it as a payment method for Tesla vehicles. Tesla currently holds around 10,000 bitcoin, worth roughly $1.4 billion.
Speculation continues about Musk’s role in driving crypto enthusiasm. Last month, confirmation that a political party Musk supports will embrace bitcoin helped boost its price. Responding to a question on X about using bitcoin, Musk said, “Fiat is hopeless, so yes,” referencing traditional government-backed currencies.
Earlier, users on X debated whether Musk is “quietly stacking” bitcoin as he criticized rising U.S. debt. The price of dogecoin, along with other major cryptocurrencies like ethereum, has risen significantly this year as interest in digital assets remains high.
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