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The dogecoin rally triggered by Elon Musk seemed to have died down over the past few months, with the meme coin failing to push to any new highs like most of the market. However, it now seems like the Tesla CEO is back to backing his favourite meme coin.
In July, the billionaire has stated that his cryptocurrency portfolio includes Bitcoin (BTC/USD), Ethereum (ETH/USD) and Dogecoin (DOGE/USD). He has now stated that he will be the first Dogecoin Trillionaire, signifying that he is going long.
Dogecoin, Not SpaceX, will make him a Trillionaire
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A recent report by Morgan Stanley has stated that Musk has a high chance of becoming the world’s first Trillionaire. However, in response to a tweet about this, Musk hinted that dogecoin, and not SpaceX, would lead him in the journey to becoming a Trillionaire.
*In Dogecoin
— Elon Musk (@elonmusk) October 22, 2021
Elon Musk has a net worth of around $249 billion. The recent rise in Musk’s wealth has been attributed to major gains made by Tesla shares. The shares of the electric car manufacturing company reached an all-time high of $910 on October 22.
Following these gains, Musk’s wealth is now larger than the gross domestic product (GDP) of New Zealand. If the Tesla rally continues, the billionaire could soon surpass the GDP of Portugal.
Dogecoin is still Musk’s Favorite
Earlier this year, Musk was attributed to the major dogecoin rally that pushed the meme coin towards all-time highs of $0.73. However, it seemed as if Musk had abandoned the doge army for Shiba Inu, which has been responding to Musk’s tweets.
Over the past month, any Musk’s tweets regarding meme coins have contributed to major SHIB gains. Dogecoin has failed to respond to Musk’s tweets, showing that the CEO’s influence on the largest meme coin is fading out.
However, Musk’s recent support towards dogecoin shows that he is still backing the meme coin. Yesterday, Musk tweeted that he did not hold any SHIB. He further clarified that his crypto investment portfolio comprises bitcoin, ethereum and dogecoin, a statement that he has shared severally in the past.
However, despite Musk failing to endorse SHIB, the meme coin is fast catching up to dogecoin, having gained over 450% over the past month. SHIB recently hit an all-time high of $0.00004432, before Musk’s tweet led to an 8% dip.