Elon Musk’s about-to-be-published biography has revealed his age-long involvement in the development of Dogecoin (DOGE), further boosting investor interest in the leading memecoin.
Tesla and SpaceX CEO Elon Musk is on the verge of publishing his new biography written by Walter Isaacson. The upcoming memoir, scheduled for public release on September 12, uncovered Elon Musk’s longstanding affinity and deep involvement with Dogecoin.
Prominent Chinese reporter Colin Wu dropped the bombshell on Saturday, sharing a snapshot of a page in Elon Musk’s anticipated biography. In particular, the update showed that the billionaire entrepreneur had been quietly funding the development of the leading decentralized memecoin by market capitalization.
“The biography of Elon Musk, which will be published on September 12, revealed that he has been quietly funding the development of Dogecoin,” Wu wrote.
Elon Musk and Dogecoin
Founded by Billy Markus and other co-founders in 2013 as a joke project, Dogecoin quickly grew to become one of the most popular cryptocurrencies within ten years. With a market cap of over $9B at the time of writing, DOGE is ranked as the 8th-largest crypto asset in the world.
The stunning growth of the popular memecoin and its rising adoption as a payment method is largely attributed to Elon Musk’s consistent endorsement of the digital token. Notably, the X platform owner began tweeting about DOGE in 2021, fueling the first-ever rally in the asset’s price to the $0.73 zone.
Despite a decline of over 91% from DOGE’s all-time high at press time and a recent lawsuit filed against him for promoting DOGE, Musk has continued to parade the memecoin as his favourite crypto asset. His deep passion for the token led to Tesla accepting DOGE as one of its payment methods.
Other top companies that have adopted the crypto asset as a payment option are Twitch, GameStop, airBaltic, AMC Theaters, Dallas Mavericks, etc. Several reports have further submitted that Musk intends to add Dogecoin among the payment methods on his recently acquired social networking platform, X.
DOGE in the Market
It bears noting that these positive developments and Musk’s involvement with the project have boosted investor interest in DOGE. Coinmarketcap data shows that over 3.27 billion Dogecoin tokens have been traded in the past 24 hours. This translates to a 16% increase in the asset’s 24-hour trade volume when compared to the previous day. Notably, DOGE is exchanging hands at $0.064 at press time, up over 2.1% in the past week.