Elon Musk’s biography, which is set to be published later this month, is poised to reveal that the billionaire was secretly funding the development of the popular memecoin Dogecoin (DOGE).
Elon Musk and the DOGE Connection
The biography, according to the Wall Street Journal (WSJ), will also detail how the electric automobile boss planned to launch a social media platform based on blockchain technology that would incorporate payment features, using DOGE.
For the longest time possible, many netizens have speculated that Musk holds a major stake in the Dogecoin project. His statements and tweets have had a massive influence on the outlook of the coin and this has earned him the title “Doge Father”.
Earlier this year, he released a one-word tweet which sent the entire Dogecoin ecosystem into a frenzy. Musk and Rupert Murdock were seen sitting together at the NFL Super Bowl LVII game between Kansas City Chiefs and Philadelphia Eagles. Many netizens wondered what the two business magnate were discussing and Musk replied to a tweet that he was talking about “Dogecoin” with the Fox News chief.
This response caused the price of DOGE to jump by more than 5% at the time and it traded at $0.08399. Notably, the Tesla boss was wearing his Dogecoin T-shirt at the Super Bowl event.
Shortly after his takeover of Twitter in a $44 billion bid, Musk updated Twitter’s 17-year-old “bird” logo to that of Dogecoin. In less than an hour, this move triggered DOGE’s price to gain over 16%. It was only a temporary arrangement that lasted only for a few days before it was returned to the original Twitter logo.
There had been talks that Musk is making effort to introduce Dogecoin payment to Twitter (now rebranded as X). Notably, the speculations intensified when he made the logo update.
Dogecoin May Still Exist Because of Musk
Generally, crypto players are confident that Elon Musk plays an integral part in the existence of DOGE.
Binance CEO Changpeng ‘CZ’ Zhao highlighted that he was surprised that the DOGE token had not vanished since its creation. CZ hypothesized that Musk may have contributed to the memecoin’s continued existence.
His closeness to DOGE recently entangled him in a lawsuit which involved the dog-themed memecoin. Musk was accused of insider trading and market manipulation linked to DOGE, a suit many believe is not solid enough to fret about.
With the coming of his biography, it looks like the broad crypto ecosystem will be in for more revelation as regards Musk and Dogecoin.