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I've always been curious about the story that Musk owns Dogecoin, but it seems recent analysis has confirmed it again. Apparently, he holds DOGE along with Bitcoin and Ethereum. However, it doesn't seem that Musk owns or operates the Dogecoin network itself.
Although it was a project created as a joke by Billy Marcus and Jackson Palmer in 2013, Musk's tweets and social media activity can significantly move DOGE's price. It surged before his SNL appearance in May 2021, and it rose again when Twitter's logo changed to a Shiba Inu in 2023. Musk himself has said, "Don't take my statements as investment advice," but his influence on the market is considerable. By the way, his exact amount of Dogecoin holdings has not been publicly disclosed, so the actual amount is unknown. I think the story of Elon Musk holding DOGE is interesting not just as an investment, but as a reflection of market psychology.