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Crypto News Flash (EN)

06/14/2024

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Cardano Founder Speculates: Does Elon Musk Possess 20% of Dogecoin's Total Supply?

Cardano founder Charles Hoskinson recently speculated that Elon Musk might be holding 20% of DOGE supply. Hoskinson opened up on his yet-to-materialized relationship with the Tesla CEO and X...

Cardano Founder Speculates: Does Elon Musk Possess 20% of Dogecoin's Total Supply?
  • Cardano founder Charles Hoskinson recently speculated that Elon Musk might be holding 20% of DOGE supply.
  • Hoskinson opened up on his yet-to-materialized relationship with the Tesla CEO and X owner.

Cardano’s founder Charles Hoskinson playfully inquired whether Tesla’s founder Elon Musk holds 20% of Dogecoin’s (DOGE) total supply. Hoskinson’s inquiries arose in a recent Thinking Crypto podcast on YouTube, with Tony Edward as the host.

Elon Musk’s Love for DOGE Questioned

In a section of the interview, the conversation shifted to Musk’s well-known fondness for Dogecoin. “Why does he have this bizarre fetish for Dogecoin?” queried Hoskinson. He jokingly questioned if it stemmed from his massive 20% DOGE holding or simply a love for the memecoin’s logo.

It is worth mentioning that this isn’t the first time Musk’s Dogecoin cheerleading has raised eyebrows. In 2023, Dogecoin investors filed a class action against him for billions over losses attributed to his promotional tweets. Musk, however, has maintained he never encouraged people to invest, as previously reported by Crypto News Flash

Notably, owning 20% of Dogecoin’s circulating supply would translate to a hefty billions of dollars at current prices. However, it’s important to note that this figure was just a humorous musing by Hoskinson. While Elon Musk has confirmed holding Dogecoin, the exact amount remains a secret.

Edward also pointed out the community’s eagerness to explore partnerships between Cardano and Musk’s ventures. “Could there be a way for Musk to leverage Cardano’s Midnight sidechain for future endeavors at SpaceX, Tesla, or X?” Edward questioned.

While Hoskinson acknowledged the appeal of a partnership, he admitted there haven’t been any discussions with Musk’s team. He revealed that Cardano had reached out for collaboration on various projects, including combating bots on Musk’s X platform. 

However, these attempts seem to have been met with silence from Musk. Hoskinson expressed surprise at Musk’s behavior, especially considering Cardano’s growing prominence. He even highlighted a recent instance where Argentina’s pro-crypto President Javier Milei shared Cardano-related tweets.

Hoskinson commended Musk’s innovative spirit and his use of X for community engagement and offered Cardano’s assistance in making X a success. Despite their influence, Cardano and Hoskinson haven’t received any recognition from Musk.

Hoskinson speculated that advisors might be discouraging Elon Musk from interacting with Cardano or himself. He finds this odd considering his deep involvement in the crypto space and his association with Dogecoin and their mutual friend Lex Friedman.

Dogecoin’s Price Reaction

At press time, DOGE is trading at $0.1422, demonstrating a 1.7% decline in the past 24 hours. 

The trading volume also decreased by 45.8% to $645 million, with the market cap pegged at $20.5 million. This data suggests dwindling investor sentiment for the memecoin. Nonetheless, market analysts remain bullish on Dogecoin’s future price trajectory. 

Echoing earlier coverage by Crypto News Flash, pseudonymous crypto trader Altcoin Sherpa claims DOGE price is likely to remain range-bound between $0.12 and $0.17 until it makes any possible breakout.


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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

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