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On August 31, The Wall Avenue Journal reported that Elon Musk has been secretly funding Dogecoin’s improvement. This revelation provides an intriguing layer to his distinguished relationship with the canine-themed cryptocurrency.
DOGE, which began as a playful web meme in 2013, garnered important consideration when Elon Musk publicly endorsed it in 2021 by revealing that Tesla would settle for Dogecoin for a few of its merchandise. In August of the identical 12 months, it was reported by numerous shops that Musk would function an advisor to the Dogecoin Basis, additional cementing his connection to the undertaking. Nevertheless, in October 2021, Musk distanced himself, stating, “I’ve no reference to the Dogecoin Basis.”
Nonetheless, regardless of these conflicting statements, Musk’s ties to DOGE persist. Musk acquired Twitter in April 2023 and altered its brand from the enduring blue chook to a Shiba Inu, symbolizing Dogecoin. This transfer hinted at Musk’s intentions to combine DOGE into his Twitter-based plans.
These revelations come when the crypto market is experiencing heightened volatility. The current slowdown within the Bitcoin value rally has affected not solely Bitcoin but in addition Dogecoin, which is at present down about 90% from its Might 2021 all-time excessive of $0.73. The crypto neighborhood is now bracing itself for a doubtlessly turbulent September, with many questioning concerning the implications of Musk’s covert funding on the crypto panorama.
That mentioned, whereas the extent of Musk’s monetary involvement in Dogecoin’s improvement stays undisclosed, his bold plans for the cryptocurrency are clear. Musk has beforehand expressed his want to elevate Dogecoin to outshine Bitcoin, aiming for it to develop into the “foreign money of Earth.”
Dogecoin, which achieved a short stint within the crypto prime ten in 2021 amid meme and influencer-driven rallies, noticed its worth fluctuate alongside the broader crypto market in 2022. Regardless of the volatility, it has retained a good portion of its features, leading to a mixed Dogecoin community price roughly $8.9 billion, based on CoinMarketCap information.
In the meantime, Elon Musk’s involvement in Dogecoin hints at potential developments that would reshape the way forward for its value and its purposes. Most significantly, an official affirmation of the funding by the dogefather himself may catapult the DOGE value after a chronic interval of sapped volatility.
At press time, DOGE was buying and selling at $0.0626 after a 1.66% drop previously seven days.
