Elon Musk, the multibillionaire businessman and the CEO of Tesla and SpaceX, is getting ready to release his autobiography on September 12, which explores his impact on Dogecoin, which was originally intended as a joke.
In response to long-running rumours about Musk’s significant engagement in the project among many internet aficionados, the study confirmed the billionaire’s silent backing for Dogecoin’s development.
“The biography of Elon Musk, which will be published on September 12, revealed that he has been quietly funding the development of Dogecoin.”
Long-standing controversy surrounds Musk’s statements on Dogecoin. A class action lawsuit filed earlier this year connected him to claims of insider trading and meme coin price inflation. By the end of March, Musk had justified his remarks, saying that his support for Dogecoin was lawful.
Musk did not stop at his forays into space and electric vehicles; he also dominated the social media sphere last year. He just relaunched Twitter as X after purchasing it for an astounding $44 billion.
Musk used Dogecoin’s Shiba Inu logo in favour of Twitter’s well-known blue bird logo as part of the rebranding effort. This action demonstrates his close relationship with cryptocurrencies and his desire to incorporate them into widely used platforms, writes Mark Brennan from Crypto basic.
Wu Blockchain has also highlighted another fascinating nugget from the planned biography. The notion of a social networking platform powered by blockchain was first put up by Musk’s brother, Kimbal. Musk has been experimenting with the idea. Musk joked that Dogecoin may be the platform’s payment method while declaring that X will “never” release its own token.
The biography goes into detail about a failed partnership between Musk and erstwhile cryptocurrency billionaire Sam Bankman-Fried. The latter made an unsuccessful attempt to help Musk buy Twitter. Despite this setback, Musk continues to have unrivalled influence in the IT and cryptocurrency industries.
Dogecoin is now suffering a modest decline, trading at $0.06322, down 0.77% from the previous day. Musk’s recently revealed participation, though, makes the future of cryptocurrencies appear anything but gloomy.