The internet loves a good meme, but when that meme becomes a multi-billion-dollar asset, things get complicated. Few people have influenced the trajectory of the meme coin Dogecoin (DOGE) as much as Elon Musk—whether by tweets, company decisions, or sheer cultural gravity. The big question, however, is: does Elon Musk actually own Dogecoin? And if he does (or did), what role has he played in driving its pricing — the so-called “pump”?
Here’s What the Public Records Reveal
Elon Musk has repeatedly stated that he holds Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), while also clarifying that he does not own certain other meme coins, like Shiba Inu.
According to BitKan, Musk explicitly said that he “only owns Bitcoin, Ethereum and Dogecoin. ‘That’s it.’” This confirms that Musk does claim to own DOGE. Watcher Guru also reports that Musk disclosed ownership of DOGE in addition to his BTC and ETH holdings, although the language used suggests the public should stay cautious because the size and timing of his holdings have never been made public.
Importantly, Musk’s personal ownership of DOGE does not make him the creator, controller, or operator of the Dogecoin network. Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke project inspired by the Shiba Inu meme.
A Reddit thread summarizing community consensus states clearly that “Musk does not own or operate Dogecoin,” reinforcing that although he holds DOGE as an asset, he has no governance role in the protocol. Musk has also made it clear that his comments about cryptocurrencies should not be taken as investment advice.
Taken together, these sources make it clear that Musk does indeed hold DOGE, but he is not connected to the technical or administrative side of the Dogecoin blockchain, and his exact DOGE balance remains unknown.
Elon Musk’s Dogecoin “Pump” & Market Impact
The idea of a “pump” implies that someone is promoting an asset in a way that drives its price significantly upward—whether intentionally or as a by-product of influence. In the case of Musk and Dogecoin, his public actions have repeatedly corresponded with noticeable price movements.
Musk’s tweets and public statements have often sent Dogecoin surging within minutes. One academic study found that Musk’s non-negative crypto tweets were linked to positive abnormal Bitcoin returns, which suggests that he has strong influence across the crypto market.
Dogecoin, however, is still the most notable example of this effect. In May of 2021, just before Musk’s appearance on Saturday Night Live, DOGE surged dramatically. Earlier that same year, in February of 2021, Musk referred to DOGE as “the people’s crypto,” which triggered another sharp rally.
His influence continued into 2023, when he temporarily changed the Twitter (now X) logo to the Shiba Inu dog — a symbol synonymous with Dogecoin. This act alone caused DOGE to spike in price.
These price reactions have also caused some legal scrutiny. One lawsuit alleged that Musk intentionally used his influence to raise and drop the price of DOGE, pointing to a more than 30% surge that occurred after he changed the Twitter logo. While such allegations remain unproven, they prove just how closely investors associate Dogecoin’s volatility with Musk’s behaviour.
Despite the price swings, Musk has said that Dogecoin is his favourite cryptocurrency, even as he warned followers against speculation or going “all-in.” His influence on DOGE’s price is undeniable, but whether that influence constitutes a deliberate “pump” is unclear.
Key Takeaways
Elon Musk says he owns Dogecoin — alongside Bitcoin and Ethereum — but he has no operational control over the Dogecoin network. His tweets, comments, appearances, and even temporary logo changes have repeatedly triggered major DOGE price swings, giving him significant market influence.
That influence does not guarantee long-term value, and Dogecoin is still very much a speculative asset driven heavily by social-media sentiment. As always, this is educational information and not investment advice; investors should research thoroughly and assess their risk tolerance before making decisions.
