The much-anticipated biography of the world’s richest man, Elon Musk, lately dropped. As anticipated, it incorporates some fascinating tales of Musk’s involvement with the meme coin Dogecoin and the way he has contributed to its development.
Musk’s Love For Dogecoin Runs Deep
Musk’s biography, authored by Walter Isaacson, incorporates sure necessary elements that spotlight how a lot the world’s richest man is invested within the token. In a single half, Isaacson writes that Musk’s brother mentioned the potential for making a blockchain-based social media platform that would come with a cost system utilizing Dogecoin.
Musk thought it was a terrific thought and even despatched his brother an thought for “a blockchain social system that does each funds and brief messages like Twitter.” Contemplating that it will likely be decentralized, Musk acknowledged that it’s going to assure free speech (one thing which Musk has constantly advocated for). The opposite choice that Musk talked about as a substitute of this concept was to buy Twitter, which he eventually did.
Nevertheless, contemplating that the preliminary thought was to create a decentralized social system with Dogecoin being an integral a part of the cost system, it gained’t be shocking to see Musk incorporate the meme coin into the payment system he intends to construct on the X (previously Twitter) platform.
Musk is understood to put up cryptic memes about Dogecoin normally. Nonetheless, his wittiness in direction of the meme token doesn’t cease there, as he went so far as buying a Shiba Inu canine named Floki, which occurs to be Dogecoin’s emblem. In February, he posted a tweet of this pet canine with the caption, “The brand new CEO of Twitter..”
In response to the guide, FTX’s CEO Sam Bankman-Fried (SBF) was in help of Musk buying Twitter as he believed that Twitter may very well be rebuilt on the blockchain and was “keen” to be a part of the deal. Final 12 months, Musk confirmed that SBF wished to finance his Twitter takeover, however he wasn’t so inclined to the concept as SBF had “set off his bullshit meter.”
The world’s richest man thought of the concept of utilizing blockchain know-how as a help system for Twitter. Nevertheless, it appears that evidently Musk’s love for Dogecoin didn’t translate to him being an enormous fan of blockchain know-how. Isaacson acknowledged that “regardless of the enjoyable he had with Dogecoin and different cryptocurrencies, he was not a blockchain acolyte and he felt it will be too sluggish to help fast-paced Twitter postings.”
DOGE worth nonetheless buying and selling sideways at $0.06 | Supply: DOGEUSD on Tradingview.com
DOGE Is An Funding
Past his fondness for the meme token, Musk is reportedly invested in Dogecoin’s development. A web page within the guide revealed that Musk had been funding the cryptocurrency, with Isaacson labeling Dogecoin “the semi-serious cryptocurrency whose improvement he [Musk] had been quietly funding.”
As such, it gained’t be shocking to see Musk work in direction of guaranteeing that the meme token attains new heights, with a outstanding member of the Dogecoin neighborhood positing that Elon Musk will make the token “the official foreign money of X and earth sooner or later.”
Whereas this may occasionally appear farfetched to many, Musk is already taking steps that would place Dogecoin on the worldwide stage. His X platform recently acquired licenses to supply cost companies in a number of states within the US. This transfer might undoubtedly type a part of Musk’s plans to create a cost system the place customers make funds in DOGE.
DOGE is at the moment buying and selling at round $0.06145, up by 0.50% within the final twenty-four hours, in accordance with data from CoinMarketCap.
Featured picture from Fox Enterprise, chart from Tradingview.com