Tesla and SpaceX Chief Executive Officer (CEO), Elon Musk has been known to be significantly bullish on Dogecoin (DOGE), often posting humorous tweets about the popular meme coin. However, recently the SpaceX CEO announced that he is not actively involved in cryptocurrency. This appears to contradict his very public adoration for Dogecoin, the king of meme coins, raising the question of why he continues to favor Dogecoin over other cryptocurrencies. 

Elon Musk Steps Back From Crypto

In a recent video shared by a popular Dogecoin supporter account called ‘CEO’ on X (formerly Twitter), Musk publicly declared that he is not actively involved in cryptocurrencies. This statement could come as a shock to many in the crypto community, considering the SpaceX CEO’s past involvement in cryptocurrencies. 

Being known to be the biggest backer of Dogecoin, the top meme coin, Musk’s influence has been constantly revered as a bullish factor that could drive DOGE to new levels. Earlier in April 2019, the Tesla CEO tweeted about Dogecoin, calling it his favorite cryptocurrency. Subsequently, Musk announced in January 2022 that he would begin accepting DOGE payments for merchandise on Tesla. 

The billionaire entrepreneur was also the primary contributor to Dogecoin’s massive fame, and value increase due to his occasional humorous comments about the meme coin. These numerous involvements with the DOGE meme coin certainly contradict Musk’s declaration of stepping back from actively participating in cryptocurrency. 

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Author: Scott Matherson