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The much-anticipated biography of the world’s richest man, Elon Musk, just lately dropped. As anticipated, it accommodates some attention-grabbing tales of Musk’s involvement with the meme coin Dogecoin and the way he has contributed to its progress.
Musk’s Love For Dogecoin Runs Deep
Musk’s biography, authored by Walter Isaacson, accommodates sure essential 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 opportunity of making a blockchain-based social media platform that would come with a fee system utilizing Dogecoin.
Musk thought it was an important concept and even despatched his brother an concept for “a blockchain social system that does each funds and brief messages like Twitter.” Contemplating that it will likely be decentralized, Musk said that it’ll assure free speech (one thing which Musk has constantly advocated for). The opposite possibility that Musk talked about as an alternative of this concept was to buy Twitter, which he eventually did.
Nonetheless, contemplating that the preliminary concept was to create a decentralized social system with Dogecoin being an integral a part of the fee 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 thought to submit cryptic memes about Dogecoin often. 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 line with the ebook, FTX’s CEO Sam Bankman-Fried (SBF) was in help of Musk buying Twitter as he believed that Twitter might be rebuilt on the blockchain and was “keen” to be a part of the deal. Final yr, Musk confirmed that SBF needed 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. Nonetheless, evidently Musk’s love for Dogecoin didn’t translate to him being an enormous fan of blockchain know-how. Isaacson said that “regardless of the enjoyable he had with Dogecoin and different cryptocurrencies, he was not a blockchain acolyte and he felt it might be too sluggish to help fast-paced Twitter postings.”
DOGE value 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 ebook 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 forex of X and earth sooner or later.”
Whereas this will likely 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 fee providers in a number of states within the US. This transfer might undoubtedly type a part of Musk’s plans to create a fee system the place customers make funds in DOGE.
DOGE is at present buying and selling at round $0.06145, up by 0.50% within the final twenty-four hours, in keeping with data from CoinMarketCap.
Featured picture from Fox Enterprise, chart from Tradingview.com
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