Elon Musk: “I haven’t and won’t sell any Dogecoin”

SpaceX founder and Tesla CEO Elon Musk made it clear yesterday that he’s in for the long run when it comes to cryptocurrency. Musk said on Thursday that he has not and will not sell any of his dogecoin holdings.

Musk made the revelation when asked by Dave Lee, a host of YouTube channel Dave Lee on Investing. In answering Lee’s question, Musk responded:

“Yeah, I haven’t & won’t sell any Doge.”

Yeah, I haven’t & won’t sell any Doge

— Elon Musk (@elonmusk) May 20, 2021

Over the year, Musk’s tweets have turned the once-obscure digital currency into the fourth most popular cryptocurrency in the world. However, the price of dogecoin tumbled earlier this month after Musk the meme cryptocurrency is a “Hustle.”

When asked during the final segment of the Saturday Night Live (SNL) what dogecoin was, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.” After pressing him further, Musk went on to call it a “Hustle.” You can see the SNL video clips here.

Dogecoin started as a joke in December 2013 based on the popular “doge” meme represented by a Shiba Inu dog as its logo, literally taken from the “Doge” meme. It has gone up by 12,000% since January of this year. So if you had bought a $1,000 dogecoin at the beginning of the year,  your return on investment would be worth $121,052 at Wednesday’s high of $0.69.

However, before you jump in and buy dogecoin in hopes of making some quick bucks, it’s important to remember that, unlike Bitcoin and Ether which have some inherent values, the surge in the price of Dogecoin is partly boosted by celebrities like Elon Musk and Mark Cuban. Both have expressed their support for the so-called “People’s coin.”