The Musk Effect on Memes: Why DOGE Won But SHIB Didn't Get His Support

Crypto Twitter was buzzing when someone finally asked the question everyone wanted answered: Does Elon Musk hold Shiba Inu tokens? His response was blunt and immediate — “None.” The Tesla CEO’s straightforward denial settled years of speculation about whether the world’s richest man had diversified his meme coin portfolio beyond Dogecoin.

The Tale of Two Meme Coins: Why Elon Chose DOGE

Here’s where it gets interesting. During the 2021 bull run, the meme coin space essentially split into two rival camps: Dogecoin supporters and Shiba Inu enthusiasts. Both communities fought tooth and nail across social media, each claiming their token was superior. The competition was fierce and personal, with fans attacking each other’s projects constantly.

But the numbers tell different stories. Dogecoin, which Musk openly championed and frequently tweeted about, experienced a staggering 36,500% surge in just six months — climbing from $0.002 in November 2020 to an all-time high of $0.73 by May 2021. His public endorsement was transformative. He hosted SNL’s “The Dogefather” episode and repeatedly called DOGE “the people’s currency,” drawing millions of new retail investors into crypto.

Shiba Inu, meanwhile, put up even more eye-popping numbers on paper. SHIB tokens skyrocketed approximately 85,000,000% between 2020 and 2021, making it mathematically one of the most explosive gainers in crypto history. Yet despite these astronomical returns, the token couldn’t secure Musk’s backing.

What This Reveals About Musk’s Crypto Strategy

The fact that Musk holds only Dogecoin, Bitcoin, and Ethereum — and nothing else — suggests his crypto portfolio reflects a hierarchy of belief. While he clearly sees potential in Bitcoin as digital gold and Ethereum as blockchain infrastructure, his Dogecoin position appears tied to something more emotional: community, memes, and populism.

SHIB’s lack of his support despite its technical outperformance indicates Musk’s endorsement isn’t simply about chasing the highest gains. It’s more nuanced. Dogecoin had established community roots before he arrived; SHIB felt like it was chasing trends. One came with history and genuine adoption; the other rode on hype.

The market has taken note. While both meme coins have cooled significantly from their 2021 peaks, this episode illustrates how founder backing — or the deliberate absence of it — shapes which projects survive the long term and which become footnotes in crypto history.