Dogecoin and Elon Musk: 7 Years of Promises Checked

Since April 2019, Elon Musk has said a lot about Dogecoin, right? He's praised it. He's joked about it. He's put it on Tesla's online shop, put its dog on Twitter's homepage, and a government department ended up with its name. And almost every single time the price has moved.

So, Doge holders, one man's post moved your coin for 7 years, and here we'll actually look at what he actually delivered. So, if you own Dogecoin, here's one result to start with. X money launched without it. Let's go through Musk's promise since 2019. Checked one by one.

So, attention Dogecoin holders. We're going to go through Tesla, Twitter, Doge, X Money, and we're going to be comparing what Musk said and what actually happened. All right. And I'll be fair about it, too. There's no mocking mask and no mocking anyone who bought because of him.

But before we start this, the first link in the description is something I'm also going to be speaking about cuz it's worth knowing, right? I'll explain it properly in a few minutes, but it's it's there for anyone who'd like their plan to depend a lot less on somebody else's phone. All right? Because that's the part a lot of us know too well. Now, a famous name posts something late at night.

We wake up and our money has moved up or down, right? because one person's mood. That's something we want to get away from it. We want to be able to read into this with glasses that can see exactly what it means. And it's exciting when it goes your way, but it's horrible when it doesn't. So, we're going to talk about that link later on, but let's get started.

All right. So, Dogecoin, it was created in December 2013 by two software engineers, Billy Marcus and Jackson Palmer. And it was started as a joke about the crypto craze with a Shibbeinu dog from an internet meme as its face. And for years, it was a small friendly corner of crypto. Then on the 2nd of April 2019, Musk posted that Dogecoin might be his favorite cryptocurrency.

That's pretty cool, right? And in December 2020, he posted three words. One word, Doge, and in early February 2021, he called Dogecoin the people's crypto. Within a day, it had jumped more than 50%. But here's the question that came up the same month, and it matters for every holder.

Who actually owns all these coins? Now, in February 2021, a Wall Street Journal report said one single address held about $2.1 billion worth. CNBC asked a crypto investor, Mike Boulla, of Block Tower Capital, whether that could be Musk. Check this clip out. Wall Street Journal article that Dogecoin has one top dog, one holder uh with 2.1 billion.

Do you think this is Elon Musk?

I I I would find it exceptionally hard to believe. So that type of accumulation of Dogecoin would have been noticed early on. So the I think the general idea behind that is it's either an exchange. So Dogecoin is one of the most widely traded assets in crypto. So it could be an exchange wallet.

And that's broadly how it turned out, right? Within days, crypto sloths actually pointed to the trading app Robin Hood, which holds coins for its customers as that whale according to Bloomberg, right? Remember that because we're going to come back to it. Then came the most famous night in the whole story. Musk was the guest host of Saturday Night Live on the 8th of May 2021.

The coin had run up hard in these days before and during the show, it actually fell by nearly 30%. Now, 3 days later, on the 11th of May, he ran a poll on Twitter asking whether Tesla should accept Dogecoin. So, the ups and downs were coming from the exact same man, sometimes in the exact same week. As always, guys, this is not financial advice. Please do your own research.

All right, you've seen what this video is going to be about now. So, let's get really deep into this. And I don't want to scare any Dogecoin holders off. I want you to be prepared for the truth. Let's go. [music] So, that's the uncomfortable part for a lot of us, right?

If one person's pose could lift a coin by half in a day, then one television sketch could knock it down by almost a third, then a big chunk of what happens to our money isn't up to us at all. Now, am I telling you to buy Dogecoin? No. there may be a better opportunity for your situation. And that's exactly what our team will go through with you on the call. That link down below that I spoke about is that exact thing.

All right? It's where our old coin pro course actually comes in. It helps you decide in advance how big your position should be, what it's for, what you'll do when the headlines go wild, so you're not making those calls in a panic. Now, to get it going, click the first link in the description, fill in the short form, then just simply book your free 15-minute call, and one of the team will walk you through your own strategy and your own situation. Now, the call doesn't cost you anything, and if you're watching this on your phone, just tap them more, and under the video, you're going to see the first link.

Get it done while it's fresh in your mind, guys, and then come straight back to this video because we're going to go deep into the moment where he put his money where his mouth was. Really? All right. And that was on the 14th of December, 2021. Musk said Tesla would make some of its merchandise buyable with Dogecoin and see how it goes.

Now, a CNBC reported the jump that afternoon and actually put it in context.

Hardly the first time though Tesla CEO has talked up the cryptocurrency. Musk called Dogecoin his favorite digital currency. It also rallied ahead of Musk's appearance on Saturday Night Live. And it went from being worth a fraction of a penny at the start of this year to a record high above 74 cents in May. It's now down about 70% from that all-time high.

This one was delivered right on the 14th of January 2022. Tesla's online shop started taking Dogecoin for some items like a toy cyber whistle and a belt bucket. The coin rose about 9% that day according to CNBC. But notice the size of it, right? It was merchandise, wasn't cars. in May 2022.

He also has SpaceX's shop and it would take Dogecoin soon. So, I couldn't find a clear record that it if it ever did, so please let me know in the comments, but I'd file that one under promised and not confirmed just from my personal research. In June 2022, Bloomberg asked him at the Qatar Economic Forum whether people should actually invest in crypto. He said he'd never told anyone to do that, that he'd bought some Dogecoin himself, and they explained why he keeps backing it. Check what he said out here.

And I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin. So, I'm responding to those people just people when I walk around the factory at SpaceX or Tesla, they've asked me to support Dogecoin.

Now, that's a fair answer and it's also the whole problem in one sentence, right? He supports it personally. That's not the same thing as a business plan behind your coin. Now, the same month in June 2022, a group of Dogecoin investors sued Musk, Tesla, and SpaceX for $258 billion. They were actually accusing them of running a pyramid scheme, all right, by taking the coin up.

Mus reply on Twitter was that he'd keep supporting Dogecoin no matter what. Then, in April 2023, after he bought Twitter, the site's famous bird disappeared for a few days. Here's CNBC. Check this out. It's super super interesting.

Dogecoin's mascot replaced the famous bluebird on Twitter's website yesterday, seemingly out of nowhere. The change was accompanied by a tweet from Elon Musk referencing the switch up, but it also gave little explanation. It does come just as Musk's lawyers [music] seek to throw out a lawsuit which alleges the Tesla and Twitter CEO deliberately drove up the price of the token. His lawyers contend that his comments were just silly tweets. And now this latest stunt seems to be Musk doubling down on his self-proclaimed Doge father status.

Silly tweets. That's how his own lawyers described them. And in the end, the court didn't treat them as a scheme either. So at the end of August 2024, a federal judge in Manhattan's name was actually Alvin Helerstein dismissed the case. And in November 2024, the investors dropped the appeal.

Legally, taking up a coin you like isn't the same as rigging it, right? But for holders, the logo episode shows how far the price can move on something that cost one man nothing to do. The 12th of November 2024, Donald Trump announced the Department of Government Efficiency to be led by Musk and Vivic Ramwei. All right, its initials spelled Doge and the coin surged more than 20% that night. According to CNBC, it started working under an executive order on the January 2025, but the department never had anything to do with the coin.

Now, at the end of March 2025, Musk said there were no plans for the government to use Dogecoin and the price slipped. Musk left the government in 2025 May and in November, this was the news. Check this out. For all intents and purposes, Doge is done. The Department of Government Efficiency as an actual entity within the federal government is no more.

That's according to the government's top HR official who confirmed over the weekend that 8 months ahead of the date it was supposed to wrap up under the executive order that created it. Doge is over. So the coin got a name in Washington for about a year and nothing more. Right? No government use, no payments, no reserve.

Anyone who bought in November 2024 because of that name was really buying a coincidence of initials. And to be honest, it's worth being honest with ourselves about that. Here's a change that didn't come from Musk at all. On the 18th of September 2025, Rex Osprey launched a fund on the US exchange, giving investors exposure to Dogecoin through a different fund structure. Then on the 24th of November 2025, Gayscale launched a spot Dogecoin fund.

The OG memecoin is going institutional. Gayscale's Dogecoin trust has officially gone live on the New York Stock Exchange ARCA today under the ticker GDOG. Structured as a spot product holding the underlying asset, the launch offers US investors simplified, regulated access to Dogecoin. Spot funds hold actual Dogecoin, right? Grayscale's own filings with the SEC describe exactly that.

So that matters because those coins sit with the custodian for the fund shareholders, which adds one more big holder to the rich list, just like Robin Hood in 2021. And then the one a lot of the holders were waiting for after Musk bought Twitter in October 2022, a lot of the Dogecoin community hoped the coin would end up inside its payments. Right on the 28th of January 2025, X announced a partnership with Visa for payment service called X Money. Visa would handle moving money in and out of the app for things like sending money to friends. Now, that's dollars through the card network.

That is not crypto. Here's how it actually arrived, right? Check this out. Elon Musk social media app X began offering its X money banking service to all its US premium and premium plus subscribers on Monday.

Enough young people to take care of the old people.

X money allows users to make peer-to-peer payments, pay bills, and send checks. That Monday was the 27th of July 2026. And after test from late June, the money sits at Cross River Bank. And the big selling point is a very high yield on cash. But according to reports at launch, there were no crypto in it at all.

No Dogecoin. All right. And to be fair to Musk, I can't find a post where he promised Dogecoin would be in X money. Now, that hope came mostly from fans. But it does show how much of this coin story gets built on what people expect him to do rather than on what he said.

So, let's score it honestly. Tesla merchandise delivered. SpaceX merchandise promised but not confirmed. The lawsuit thrown out, the department, a name, and nothing more for the coin. X Money launched without it. and spot funds which did arrive came from Wall Street.

It not from Musk. Now what does that mean for your coins? Well, before the warnings, let's be fair to the coin itself. Dogecoin launched in 2013, which makes it one of the old coins around. So, it trades on most major exchanges.

It has a big and famously friendly community and it's used for tipping and small payments. Now, in March 2026, America's two main markets regulators, the SEC, the CFTC, they named it among a group of digital commodities. It actually has a spot funds in the United States. Now, none of that came from a post, right? So what should a holder actually take from seven years of this?

Well, three things. First, concentration. A lot of Dogecoin sits in a handful of huge addresses. Now, many of those belong to exchanges, brokers, and funds holding coins for millions of customers. So, they're not single whales, but it does mean a few big custodians and one very loud supporter.

Now, that can matter far more than the price for you and me, right? Second, supply Dogecoin has no cap. Since 2015, every new block has created 10,000 new coins, and a block comes roughly every minute. That's about 5 billion new Dogecoin every year. as a share of all the coins. That's a few percent a year and it shrinks slowly over time.

But it does mean that demand has to keep growing just to hold the price where it is. Now third headline risk must post move the price in both ways and they could do it again because nobody controls what you post next. A coin that could jump 50% on a post can fall 30% during a comedy show. Here's a practical check you can do in 10 minutes, right? Open a Dogecoin rich list on any block explorer and look at the top 10 addresses and look at who their label does.

Most will be exchanged and funds, but notice how much sits with just a few names. Then ask yourself three questions. Number one, why do I hold this coin in a single sentence without using Musk's name? Right? If you could do it without using Musk's name, you got a good reason.

Number two, if you ever posted about it again, would I want to own it still? And number three, if it dropped by a third overnight because of a post, would I be okay or would I panic? If the honest answer to the last one is panic, then your position is probably bigger than your plan. And that's worth fixing on a quiet day, not on the night it happens, right? So, tell me in the comments which Musk moment first made you notice Dogecoin, the people's crypto, the SNL night, the Twitter dog, or something else.

And if you want the receipts on the stories that move your coins, simply subscribe. Guys, 7 years on, the scoreboard is mixed. Some promises came true, some faded, and the biggest steps forward came from outside his post. Dogecoin started as a joke, and plenty of people love it for that. Just make sure your plan for it isn't one.

Now, crypto carries risk and past results. No guarantee of future ones. This is educational video, guys. It's not financial. Please, as always, stay bullish.

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