There have been rumors that the wealthiest man in the world, Elon Musk, is behind the creation of the Dogecoin (DOGE) cryptocurrency.
The creation of Dogecoin was reportedly surreptitiously funded by Elon Musk, according to a Wall Street Journal article published on August 31. The revelation deepens the mystery surrounding his significant connection to the dog-themed cryptocurrency.
In 2021, Elon Musk openly promoted DOGE, a cryptocurrency that began as a humorous internet joke in 2013, by announcing that Tesla will accept Dogecoin as payment for certain of its items. Later that year, in August, it was widely announced that Musk will be an adviser to the Dogecoin Foundation, further solidifying his involvement with the project. However, Musk publicly disassociated himself from the foundation in October 2021, saying, “I have no connection with the Dogecoin Foundation.”
Despite Musk’s contradictory remarks, he still has links to DOGE. After purchasing Twitter in April 2023, Musk replaced the company’s famous blue bird emblem with that of a Shiba Inu, representing Dogecoin. This action suggested that Musk will begin using DOGE in his Twitter-based schemes.
These developments occur at a time of increased volatility in the cryptocurrency market. Dogecoin’s recent price drop from its all-time high of $0.73 in May 2021 to its current level of about 90% is a direct result of the recent pause in the Bitcoin price rise. With many people wondering what Musk’s secret financing would do for the cryptocurrency market, the crypto community is preparing for a possibly volatile September.
Even if Musk’s financial stake in Dogecoin’s growth is unknown at this time, the vision he has for the cryptocurrency is crystal clear. Musk has stated his intention to promote Dogecoin to the level of Bitcoin, with the ultimate goal of making it the “currency of Earth.”
The value of Dogecoin, which briefly ranked among the top ten cryptocurrencies in 2021 thanks to meme and influencer-driven rallies, fluctuated in 2022 with the rest of the cryptocurrency market. Despite the dips and rises, the Dogecoin network as a whole is now valued at almost $8.9 billion, according to statistics from CoinMarketCap.
Elon Musk’s interest in Dogecoin suggests new developments that might dramatically alter the cryptocurrency’s value and scope going forward. After a lengthy period of reduced volatility, the DOGE price might be catapulted by an official confirmation of the financing from the dogefather himself. DOGE dropped 1.66 percent in the last week, trading at $0.0626 at press time.
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