During a candid X Spaces discussion, Elon Musk revealed that he still holds a considerable amount of Dogecoin (DOGE) personally and Space X owns a notable amount of Bitcoin (BTC). His announcement comes at a time when the community is rooting for these assets to soar and wanting Bitcoin to surpass the significant $100,000 mark.
“I still own bunch of Dogecoin and SpaceX owns bunch of Bitcoin” pic.twitter.com/xupe3Y45e4
— DogeDesigner (@cb_doge) November 18, 2024
Elon Musk’s Market Influence
Elon Musk has been supporting Dogecoin for a long time now and he has been known to fluctuate the price of the memecoin through his endorsements. This recent comment has sent a wave of excitement within the community. The community now anticipates a shift in the price of the memecoin.
Additionally, Elon Musk’s involvement as the leader for the “Department of Government Efficiency” has also reignited interest in Dogecoin. Since the announcement, the memecoin has seen a approximately 25% surge in its weekly gains and at press time, his comments coincided with DOGE seeing a modest price uptick to $0.36 with a surge of 0.1% in the last 24 hours.
DOGE 24 Hours Chart (Source: CoinGecko)
Bitcoin Bull Run: $100,000 in Sight?
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The market has also reacted positively to news of SpaceX retaining its Bitcoin holdings, particularly after earlier reports suggested that there had been a potential reduction in their crypto exposure.
This announcement adds fuel to the fire as Bitcoin is already in its bullish state. Market analysts predict that comments from Elon Musk regarding Space X holding considerable amount of BTC, could cause a hype in the market. Since Space X is an institution, this comment could also influence other institutional investors to invest in BTC. All of this can cause an uproar within the community and push the price of BTC to surge.
Currently, the price of BTC is approximately $89,000 which according to the analyst will surge after this comment made by the Space X owner. With increased institutional investment, the price for BTC could also reach its $100,000 mark by the end of this week.
Musk’s remarks further solidify his role as a significant driver of cryptocurrency trends. While he refrains from speculating on prices, his endorsements have always had a positive impact of the price of the cryptocurrency.
