Data shows that DOGE jumped from $0.143 to over $0.156 several minutes after the reports of Musk’s stake came out at 10:30 UTC. At the time of writing, prices fell slightly to $0.154.
The bump had a correlated effect on some other meme coins. Shiba Inu’s SHIB jumped 5% alongside the move in DOGE.
Musk holds more than 73.5 million Twitter shares, valued at over $2.89 billion at current prices as reported.
Musk is one of the most famous backers of cryptocurrencies. His electric car company Tesla reportedly held over $2 billion worth of bitcoin at the end of 2021. Tesla additionally started accepting bitcoin for its cars in 2021 but later ended the project, citing climatic concerns.
Tesla also accepts DOGE payments on its online merchandise store. The news had previously sent prices of DOGE flying 11% in January.
Musk has previously lent support to dogecoin development and adoption. Last May, he tweeted that he was working with dogecoin developers to improve system efficiency. That sent dogecoin prices up by 22%.
Then in June, he tweeted it was “important to support” a proposal that sought to reduce dogecoin fees – one that would make dogecoin more competitive compared to other cryptocurrencies.