Elon Musk’s involvement with Dogecoin goes beyond just joking around with its price. According to a new biography, the billionaire quietly funded the development of the cryptocurrency. In fact, Musk even considered utilizing the DOGE network on X… On September 12, 2023, a biography titled “Elon Musk: by Walter Isaacson” will be released, chronicling Musk’s journey from his birth in South Africa to his takeover of Twitter last year. The author, Walter Isaacson, who previously wrote a successful biography of Steve Jobs, spent two years shadowing Musk, attending his meetings, touring his factories, and conducting extensive interviews with him, as well as his family, friends, colleagues, and adversaries. With this wealth of information, Isaacson promises to provide a revealing story filled with astonishing anecdotes, triumphs, and challenges. Additionally, there is also news about a lesser-known cryptocurrency making a comeback thanks to “X,” the new Twitter.
The intricate bond between Musk and Dogecoin
The biography will address the connections between the new CEO of Twitter (now X) and Dogecoin, a cryptocurrency that originated as a joke in 2014. Elon Musk has often played a role in influencing the price of Doge, causing it to rise or fall. During the recent bullish phase of the cryptocurrency market, Tesla’s CEO turned the token’s value into a roller coaster. Musk has praised the merits of the cryptocurrency on multiple occasions between 2020 and 2022. He has even announced his intention to send Dogecoin to the moon through SpaceX. Musk has also started accepting DOGE payments on Tesla’s US online store. More recently, he briefly changed Twitter’s logo to the Dogecoin logo, giving a temporary boost to the token’s value. At the same time, Musk has tweeted several times, suggesting that his interest in the token is just a big joke. The billionaire has even referred to Dogecoin as a scam. With Elon Musk, it is always difficult to determine where the line between humor and serious proposition lies. However, many investors still believe that DOGE will play a significant role on the X platform in the near future, as the new Twitter has obtained a license to launch cryptocurrency-related activities in the United States.
A Covert Funding
According to Walter Isaacson, Elon Musk has been secretly funding the development of Dogecoin. It is unclear if Musk provided funding from the beginning or if he only supported its recent evolution. Originally created as a joke, Dogecoin has gradually evolved and even has a development team and a roadmap for the future. In 2021, Musk collaborated with Dogecoin developers to improve the efficiency of its transactions. Additionally, Musk and his brother Kimbal Musk have considered creating a payment system using Dogecoin. This revelation has caused a spike in both the Dogecoin price and searches related to the cryptocurrency on Google. The impact of this news on Dogecoin’s price remains to be seen. Source: Wall Street Journal.