Does Elon Own DOGE?
Elon Musk owns Dogecoin (DOGE), having confirmed multiple times via tweets and interviews that he holds and supports the meme cryptocurrency.
In this article, we will break down each instance of his public statements, their market impact, and his broader role in Dogecoin’s popularity.
Key Takeaways:
Hide- Confirmed Ownership: Elon Musk has repeatedly confirmed owning Dogecoin (DOGE) through tweets and interviews, notably at “The B-Word” conference in 2021, where he stated holding DOGE alongside Bitcoin and Ethereum (Source: CNBC).
- Market Influence: Musk’s tweets, such as “Dogecoin is the people’s crypto” (February 2021) and “Doge Barking at the Moon” (April 2021), caused DOGE price surges of 60% and 68-100%, respectively, though his SNL “hustle” comment in May 2021 led to a 29.5% drop (Source: Reuters, Newsweek, Wikipedia).
- Business Integration: Tesla accepts DOGE for select merchandise since December 2021, and SpaceX’s DOGE-1 mission (though delayed) is fully funded by Dogecoin, showing Musk’s tangible support (Source: CNBC, Wikipedia).
- Unverified Claims: Speculation about Musk owning 36 billion DOGE (28% of 2021 supply) is unproven, and 2025 tweets about DOGE’s role in Twitter or government plans lack verified sources, often confused with the Department of Government Efficiency (DOGE) (Source: CoinMarketCap, BBC).
- Enduring Impact: Musk’s support, including a November 2024 tweet causing a 100% weekly DOGE surge, keeps Dogecoin relevant, though sustained growth requires broader adoption beyond his endorsements (Source: Finance Magnates).
Musk’s Confirmed Ownership and Support Through Tweets
Elon Musk, the billionaire CEO of Tesla and SpaceX, has repeatedly affirmed his ownership and enthusiasm for Dogecoin through his influential X posts and public appearances.
Known as the “Dogefather,” Musk’s tweets have significantly impacted DOGE’s price, often causing rapid surges or dips due to his massive following.
Below is a table summarizing key tweets where Musk expressed support or implied ownership of Dogecoin, along with their dates and market reactions, based on verified sources:
| Date | Tweet Content | Market Reaction |
|---|---|---|
| April 2, 2019 | “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” | DOGE price saw increased interest. |
| July 18, 2020 | “It’s inevitable” (with a meme of Dogecoin overtaking the financial system) | DOGE price surged by 14%. |
| December 20, 2020 | “One word: Doge” | DOGE price rose by nearly 20%. |
| February 4, 2021 | “Dogecoin is the people’s crypto” | DOGE price surged by over 60%. |
| April 15, 2021 | “Doge Barking at the Moon” (with a Joan Miró painting image) | DOGE price jumped by 68-100%. |
| May 24, 2021 | “If you’d like to help develop Doge, please submit ideas on GitHub…” | DOGE price rose by 10% in hours. |
| June 19, 2022 | “I will keep supporting Dogecoin” | DOGE price increased by approximately 10%. |
| November 14, 2024 | “This is so awesome 😎 😂” (retweeting a post about DOGE’s meme origins) | DOGE price soared over 100% in a week. |
These tweets, spanning 2019 to 2024, demonstrate Musk’s consistent support and ownership of Dogecoin, often accompanied by significant market movements.
His 2021 statement at “The B-Word” conference further confirmed he holds DOGE, alongside Bitcoin and Ethereum, due to its accessibility and humor.
The Dogefather’s Influence on Dogecoin’s Market
Musk’s tweets have been a major driver of Dogecoin’s price volatility, earning him the nickname “Dogefather” during his May 2021 SNL appearance.
His posts often trigger immediate market reactions, as seen in the table above. For instance, his February 2021 tweet calling DOGE “the people’s crypto” led to a 60% surge, while his April 2021 “Doge Barking at the Moon” tweet caused a 68-100% jump.
However, not all impacts are positive; his SNL appearance, where he called DOGE a “hustle,” led to a 29.5% drop.
The November 2024 tweet, tied to the Department of Government Efficiency (DOGE) acronym, fueled a 100% weekly surge, showing his enduring influence.
While Musk’s tweets drive short-term spikes, DOGE’s long-term value, such as $1 price target, or even the ambitious $5 milestone, its always depends on broader adoption.
Business Integrations and Tangible Support
Musk’s support extends beyond tweets to practical applications. Tesla has accepted DOGE for select merchandise, like belt buckles and Cyberquads, since December 2021.
SpaceX announced the DOGE-1 mission in May 2021, a lunar satellite fully funded by Dogecoin, though it remains delayed.
The Boring Company also accepts DOGE for rides. These integrations highlight Musk’s commitment to DOGE’s utility, reinforcing his ownership and advocacy.
Addressing Speculation and Unverified Claims
While Musk confirms owning “a bunch” of Dogecoin, the exact amount is undisclosed.
Speculation about him owning a wallet with over 36 billion DOGE (28% of the 2021 supply) is unproven, and his 2021 tweet discouraging concentrated holdings suggests he may not hold such a large share.
Claims of 2025 tweets about DOGE’s role in Twitter cost-cutting or government plans lack verified sources and may confuse his Department of Government Efficiency (DOGE) comments, which are unrelated to the cryptocurrency.
Investors should verify such claims via Musk’s X posts or reputable crypto news.
Why Musk’s DOGE Ownership Matters
Musk’s ownership and vocal support keep Dogecoin relevant, driving public interest and speculative trading.
His tweets, as shown in the table, have historically moved DOGE’s price significantly, though recent impacts (2024-2025) show smaller, shorter-lived effects unless tied to tangible developments like X payment integration.
As of May 31, 2025, no such integration exists, but Musk’s influence ensures DOGE remains a cultural and financial phenomenon.
For sustained growth, Dogecoin needs utility beyond Musk’s endorsements, such as broader merchant adoption or technological upgrades.
