When Elon Musk tweets about crypto, prices can rocket 50% in hours—or crash just as fast. But not every mention means real backing.
Let’s break down the five coins most linked to Musk, distinguishing confirmed investments from market speculation.
1. Dogecoin (DOGE) – His Clear Favorite
Confirmed: Musk owns DOGE personally and promotes it regularly.
Loves its low fees, steady inflation, and grassroots appeal.
Tesla and The Boring Company accept DOGE for certain products/services.
SpaceX announced DOGE-1 satellite mission (delayed).
Musk tweets can cause extreme price swings, both up and down.
2. Bitcoin (BTC) – Strategic but Cautious
Confirmed: Musk and Tesla hold BTC (Tesla owns 11,509 BTC worth $1.26B).
Initial vehicle payment option reversed in 2021 over environmental concerns.
Still values BTC’s decentralization and store-of-value role.
Environmental impact now partly mitigated by renewable mining trends.
3. Baby Doge Coin – One Tweet Wonder
Not confirmed: Single 2021 joke tweet sent price up 97.8%.
No further mention; Musk’s link is purely accidental.
Any Musk-driven investment here is highly speculative.
4. Ethereum (ETH) – Quiet Holding
Confirmed: Musk holds ETH but rarely discusses it.
Praises NFT/DeFi use cases, but criticizes high fees and slower speeds.
No Tesla/SpaceX adoption; price mostly moves independently of Musk.
5. Shiba Inu (SHIB) – Mistaken Identity
Denied: Musk owns no SHIB.
2021 photos of his Shiba Inu dog sparked false speculation.
SHIB’s growth stems from its own ecosystem, not Musk.
The Risk of Following Musk
His tweets fuel wild volatility: DOGE’s 8,000% 2021 surge, BabyDoge’s instant doubling.
Legal challenges over alleged DOGE manipulation were dismissed in 2024.
Musk warns: “Don’t bet the farm on crypto.”
Bottom Line
Strong, genuine support: Dogecoin.
Strategic holding: Bitcoin.
Minimal to no link: Baby Doge, Ethereum, Shiba Inu.
Smart investors focus on fundamentals—not just Musk’s memes.
