According to the WSJ, SpaceX owner and Tesla CEO Elon Musk has long been quietly funding Dogecoin’s development. Many users and experts believe that the billionaire owns a large stake in the blockchain project.
Earlier, the businessman planned to launch a social media platform with payment capabilities based on blockchain technology. He proposed using Doge as a payment method. Interestingly, Musk’s statements and tweets had a severe impact on the appearance of the coin, earning him the title of “Dogefather.”
Not long ago, Elon Musk was spotted sitting next to Fox Corp Chairman Rupert Murdoch at the Super Bowl. Many Twitter users were curious as to what the two business tycoons were talking about. Later, Musk said they were discussing Dogecoin. It sent the meme coin surging by over 5%.
Notably, after the takeover of Twitter, Elon Musk briefly changed the company's logo, replacing the image of a blue bird with that of a Shiba Inu, a nod to Dogecoin. This sparked an explosive rally in the coin. In less than an hour, Doge soared by 16%. Later, the billionaire renamed the platform to X.
Social media company X has recently received a license necessary to provide cryptocurrency payments and trading services in the United States. After that, DogeDesigner, a well-known crypto enthusiast, stated that X would not launch its own coin. The information was later confirmed by Elon Musk.