In case you were wondering how an iconic meme became the favorite cryptocurrency of centibillionaire Elon Musk, Cardano’s Charles Hoskinson has made an educated guess.
During a recent interview, Hoskinson suggested that Musk might own a massive portion of Dogecoin’s total supply.
Is Elon Musk A DOGE Whale?
Speaking during an appearance with the Thinking Crypto podcast, Cardano founder Charles Hoskinson proposed that Elon Musk, at least at one point the world’s richest man, has been passionately promoting Dogecoin because he is a large DOGE holder.
“He’s a legendary entrepreneur, and no one can challenge…He’s a magical guy. He’s really like a sphinx. Hard to understand his motivations and understand why he does what he does,” Hoskinson postulated. Why does he have this bizarre fetish for Dogecoin? Is that he owns 20% of the supply?”
However, the Cardano creator didn’t rule out that Musk might simply be fond of Dogecoin because of its furry, four-legged mascot. “Or is it just he just likes the f*****g logo? You just don’t know with a guy like that. That’s the magic of Elon Musk,” Hoskinson opined.
Elon Musk has been professing his love for DOGE for a couple of years now, with his first post about the OG meme coin dating back to 2019, when he called it his “fav cryptocurrency”. The Tesla/SpaceX CEO’s frequent endorsements and cheering on social media since then have spurred Dogecoin’s ascent, resulting in outsized returns for early investors.
As you may recall, he dedicated a segment to DOGE during his appearance on SNL in May 2021, which coincided with the once-joke crypto hitting its all-time high price of 73 cents. Later the same year, the self-avowed Dogecoin evangelist confirmed that he owns DOGE.
In March, DOGE rocketed after Musk suggested that Tesla will, in the future, allow customers to purchase its electric cars with the canine-themed cryptocurrency. Reports also indicate that the eccentric CEO has been secretly financing the development of Dogecoin.
Sadly, the token has shed some 80.2% of its value since the 2021 highs, as per CoinGecko. Meme coin investors are hoping that DOGE will soon feature as a permanent payment option on his microblogging platform X, which would propel the crypto higher, perhaps even to the fabled $1.00 threshold.
