The cryptocurrency industry was turned upside down at the end of 2020 when tech giant Elon Musk announced his holdings of Dogecoin (DOGE).

This meme coin, themed around Shiba Inu, experienced a dramatic price surge following his mention.
In just six months, from $0.002 in November 2020 to an all-time high of $0.73 in May 2021,
it delivered investors a profit of over 36,500%.

Elon Musk actively discussed Dogecoin in interviews and tweets, and even appeared on SNL in a segment called "The Dogefather."
His calling this coin "the people's currency" prompted millions of new investors worldwide to flood into the cryptocurrency market.
His influence is incalculable.

During the bullish market of 2021, the meme coin scene was split into two factions: DOGE and SHIB (Shiba Inu).
The SHIB camp saw an astonishing rise of 85M percent from 2020 to 2021, rapidly expanding its influence.
After Musk invested in DOGE, speculation circulated online that he might also have entered the SHIB market.

Eventually, when directly asked on X how many SHIB tokens he owned, Elon Musk simply replied "No."
The founder of SpaceX's portfolio includes only Dogecoin, Bitcoin, and Ethereum.
Shiba Inu tokens are not part of his holdings.
His discerning eye, as a key figure in the meme coin world, also influences the market's trust structure.