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Cardano Founder Speculates on Elon Musk’s Dogecoin Holdings

Cardano Founder Speculates on Elon Musk’s Dogecoin Holdings

The rise of Dogecoin as a meme coin since its launch in 2013 is not the only highlight of its place as a cryptocurrency, as it brings to the limelight, the volatile nature of the cryptocurrency market.

A coin that began as a joke one day and later became one of the top 10 cryptos by market cap – the journey that Dogecoin has gone through was a real surprise, changing our views on this new digital world of money.

This kind of “meme” coin, has been very successful in the crypto ecosystem since it has a cult popularity among many who are into using money in lighthearted and yet steadfast ways as well as endorsements from people like Elon Musk.

Charles Hoskinson, a renowned software developer, co-founder of Ethereum and founder of Cardano, recently commented on Musk’s rumored holding of 20% ownership in Dogecoin (a number completely made up by Hoskinson), which adds to the widespread interest in the extent of the billionaire’s involvement in the crypto market dynamics.

The figure was simply made up by Hoskinson, but it did lead to some intrigue into the reality of Musk’s DOGE holdings. In a recent X Space, Musk confirmed that he owned significant Dogecoin while affirming that SpaceX maintains Bitcoin holdings.

READ MORE: Bernstein Analysts Predict Bitcoin to Hit $200K by 2025

Musk is seen delving into different aspects of the industry – not only did Tesla invest in Bitcoin, he also confirmed that SpaceX also has BTC holdings. Musk also affirmed that he himself holds DOGE.

His occassional enodsement of of Dogecoin remains an interesting topic in the crypto community, as both analysts and developers such as Hoskinson himself weigh in the chances of Musk being abble to apply preassure to the market and manipulate prices.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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