Elon Musk reveals that he financed the Dogecoin crypto

A new biography of Elon Musk is due to be published on 12 September 2023, which, among other things, will talk about the billionaire investor’s involvement in the Dogecoin crypto project. 

Elon Musk and his funding for the development of the Dogecoin crypto project (DOGE)

In the biography of Elon Musk, which will be published with the new book on 12 September 2023, it was revealed that the CEO of Tesla and Space X, as well as the owner of X (formerly Twitter), financed the crypto project Dogecoin (DOGE). 

This was revealed by Chinese cryptocurrency journalist Colin Wu, also known as Wu Blockchain, quoting Walter Isaacson, the author of the forthcoming book.  

Elon Musk’s biography, to be published on 12 September, reveals that he quietly funded the development of DOGECOIN; considered creating a blockchain-based social media, including payments; SBF ultimately did not invest 5 billion to help acquire Twitter; and they think each other crazy.

And indeed, Isaacson is said to have revealed that Musk quietly funded the development of Dogecoin and also considered creating a blockchain-based social media. 

Not only that, the author of Musk’s biography also talked about Sam Bankman-Fried (SBF), the former CEO of the crypto exchange FTX, which collapsed in November 2022, and his failed attempt to be part of the investors for the acquisition of Twitter.

Elon Musk and his eternal love for crypto Dogecoin (DOGE)

Perhaps Musk’s biography does not reveal anything new, except that it would show that the ‘eternal love’ between the billionaire investor and Dogecoin also stems from his financial involvement. 

In his latest statement at the end of August, Musk claimed that Twitter is a friendly place for Dogecoin, where the crypto-dog can roam freely among users’ various posts and threads. 

This umpteenth declaration of his ‘love’ for DOGE led many to argue that its integration as a payment method on Twitter could be the next step. 

What is certain is that since 2020, Musk has made no secret of his fondness for Dogecoin through tweets and statements. For a while, he even replaced Twitter’s classic blue bird icon with the crypto project’s little dog. 

Not only that, but Musk has been sued several times for manipulating the price of the cryptocurrency and accused of insider trading. 

DOGE price follows bitcoin trend

Meanwhile, DOGE is climbing the crypto rankings by market capitalisation, sitting at number eight at the time of writing and approaching a market cap of $9 billion. 

Looking at the price of DOGE, its monthly chart is not much different from that of bitcoin (BTC). 

In fact, both experienced a bear market after the 15th, followed by a slight rally that only lasted from the 29th to the 31st. 

At the time of writing, DOGE is worth $0.063, down -14.6% compared to last month, while BTC is down -10% compared to 30 days ago. 

This similar chart suggests that DOGE’s price has not been affected by any strange news over the past month, but that its trend has followed that of the crypto queen.