Cardano’s founder, Charles Hoskinson, recently entertained the idea that Elon Musk could be in possession of 20% of the total supply of DOGE, the cryptocurrency associated with the Shiba Inu meme. In a lighthearted conversation on a Thinking Crypto podcast hosted by Tony Edward on YouTube, Hoskinson jokingly questioned Musk’s apparent fascination with Dogecoin. He pondered whether Musk’s interest in the meme coin was due to his substantial DOGE holding or simply because of the coin’s playful logo.
This speculation comes amidst Musk’s history of promoting Dogecoin on social media, a practice that has previously landed him in legal trouble. Despite facing a class action lawsuit in 2023 for allegedly causing significant financial losses to Dogecoin investors through his tweets, Musk has maintained that he never encouraged investments in the cryptocurrency.
While the idea of Musk owning a significant portion of Dogecoin’s circulating supply may seem lucrative given current market prices, it’s important to note that Hoskinson’s comments were made in jest. Although Musk has acknowledged his ownership of Dogecoin, the exact amount remains undisclosed.
The conversation also touched on the potential for collaboration between Cardano and Musk’s various ventures such as SpaceX, Tesla, and X. Edward raised the question of utilizing Cardano’s Midnight sidechain for future projects, but Hoskinson revealed that there have been no formal discussions with Musk’s team despite Cardano’s attempts to initiate partnerships, including efforts to combat bots on Musk’s platforms.
Hoskinson expressed surprise at Musk’s lack of response, especially given Cardano’s growing influence in the crypto space. Despite offering assistance and acknowledging Musk’s innovative approach to community engagement, Cardano and Hoskinson have yet to receive any acknowledgment from Musk.
Speculating on the reasons behind Musk’s apparent reluctance to engage with Cardano, Hoskinson suggested that advisors might be discouraging such interactions. This hesitance is puzzling to Hoskinson, considering his involvement in the crypto industry and his connections to Dogecoin and mutual acquaintance Lex Friedman.
As the discussion unfolded, the price of DOGE experienced a 1.7% decline, trading at $0.1422 with a 45.8% decrease in trading volume. The market cap stood at $20.5 million, indicating a waning investor interest in the meme coin. Despite the current market conditions, analysts remain optimistic about Dogecoin’s future price movements, with predictions of a range-bound trading pattern between $0.12 and $0.17 until a potential breakout occurs.
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