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I just remembered, the reason Elon Musk started to have a significant impact on the cryptocurrency world is thanks to Dogecoin.
From the moment he publicly announced he owned DOGE at the end of 2020, the price of this meme coin showed an extraordinary surge.
It jumped from $0.002 to $0.73, a 36,500% increase in just six months.
When something like this happens, naturally everyone starts paying attention to Elon Musk's next move.
That's when Shiba Inu Token (SHIB) came into the picture.
During the bullish market of 2021, Dogecoin and Shiba Inu became complete rivals.
SHIB also experienced incredible growth, and its supporters speculated that Elon Musk might be investing in Shiba Inu as well.
In fact, someone asked him on X, "How many SHIB do you hold?"
But Elon Musk's answer was simple.
"No."
In other words, his portfolio only includes Dogecoin, Bitcoin, and Ethereum, and he doesn't hold Shiba Inu tokens.
Ultimately, Elon Musk's support is focused solely on Dogecoin.
Even now, DOGE hovers around $0.11, and it really shows how influential this person is.