In an upcoming biography about Elon Musk, it has been revealed that the billionaire has been quietly funding the development of Dogecoin. The book sheds light on Musk’s involvement in the crypto world, particularly with regards to Dogecoin.
This disclosure further highlights Musk’s significant influence on the popularity of the meme coin, which has faced speculation about the impact of his comments on its market dynamics. Earlier this year, Musk faced accusations of insider trading and artificially inflating Dogecoin’s price, but he defended his tweets as legal.
The biography, written by Walter Isaacson, also mentions Musk’s consideration of launching a blockchain-based social media platform with integrated payments, an idea proposed by his brother Kimbal. Musk even contemplated the use of Dogecoin as the platform’s payment system.
Interestingly, the book explores a failed investment attempt by Sam Bankman-Fried, the former CEO of the insolvent crypto exchange FTX, who reportedly offered a $5 billion investment to aid Musk’s acquisition of Twitter. However, Musk clarified that neither he nor Twitter had accepted any investments from SBF or FTX.
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