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When the tech giant Elon Musk revealed his holdings of Dogecoin at the end of 2020, no one could have predicted what would happen next. The meme coin world was turned upside down. DOGE soared from a low of $0.002 at that time to $0.73 in just six months. A staggering increase of over 36,500%. Musk himself played the role of "Doge Father" on SNL and regularly tweeted on X, calling Dogecoin the "currency of the people." With this influence, new investors flooded in from around the world, and the meme coin market experienced an unprecedented boom.
During the bullish market of 2021, two meme coin forces, Dogecoin and Shiba Inu, were fiercely competing. The Shiba Inu camp recorded an astonishing 85 million percent increase, achieving remarkable growth. Many investors asked Musk, "Elon Musk, do you also hold Shiba Inu tokens?" The answer was surprisingly simple.
Musk directly responded on X, "No." He denied holding Shiba Inu tokens, stating that his portfolio only includes Dogecoin, Bitcoin, and Ethereum. In other words, Elon Musk is not invested in Shiba Inu-based tokens. His support for Dogecoin is genuine, but he has no interest in other meme coins. Today, DOGE hovers around $0.11, reflecting a market environment different from its former glory.