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Price of Dogecoin Shots Up Following Elon Musk’s Comment About Selling His Crypto

Elon Musk, without doubt, has lived up to his billing as the most influential personality in the crypto industry following his recent statement and the event that followed.

The price of the pioneering meme cryptocurrency surged by more than 9% after the Tesla boss exclaimed that he wouldn’t be selling his Dogecoin stash any time soon.

Following his statement, the price of DOGE rallied significantly, which saw it trade at $0.11 on the significant crypto exchanges.

Aside from holding a stake in Dogecoin, the billionaire also owns a massive stash of Bitcoin and Ethereum tokens. Initially, Musk revealed his cryptocurrency assets’ composition during an online conference in July of last year. 

At the same event, Musk set the record straight that his motive was not to drive up the price of Bitcoin and, after that, sell it. According to Musk, he wants the first and largest digital currency to succeed.

Musk’s Curiosity

Last October, the Tesla CEO revealed that he had decided to purchase the three leading cryptos out of curiosity to own them, while cautioning the cryptocurrency community against betting their funds on crypto.

The period also coincides with the slump of Dogecoin and the emergence of a rival meme coin, Shiba Inu, for which Musk denies being its founder.

Despite not making available the size of his crypto assets, Musk is known to have one of the largest portfolios of cryptocurrencies. 

On the other hand, Tesla is reported to own more than $2 billion worth of BTC as of February. The electric car maker reportedly bought $1.5 billion worth of Bitcoin in the early days of 2021.

Musk Talking About Inflation

Following the statement credited to the CEO of MicroStrategy, Michael Saylor, who predicted the collapse of weaker cryptocurrencies and large capital flight from other assets to Bitcoin, Musk took a dig at Saylor by saying that the response of one of the speculators did not come as a surprise to him.

Following the inflation metrics released by the United States Consumer Price Index (CPI) about the spike in the inflation rate, which rose by 7.9%, more than the previous year, and the highest in 40 years; Musk asked his Twitter followers about the predicted inflation rate in the few years to come.

Musk, however, encourages his followers to invest in stocks and other physical high-value products to get a slice of the investment gains instead of going all out on digital assets.

Dogecoin’s Performance

Following the general market correction that arose due to the uncertainties surrounding the conflicts in Eastern Europe, the DOGE has had mixed market performance, with a slight recovery and a downward trend at the same time.

Previous price analysis has shown the meme cryptocurrency hovering around the red zone due to sustained bearish activity. However, analysts predict that the value of Dogecoin may reverse back to the standard of the support level if the price is steady enough.

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