Cardano’s Hoskinson: Dogecoin’s 20% Supply Is Owned By Musk

  • Cardano founder Charles Hoskinson assumes Elon Musk owns 20% of all DOGE.
  • Siding with Musk on the $56B pay package, Hoskinson lauds Tesla’s development.
  • Dogecoin slumps 12% over a week, whilst key metrics indicate a neutral condition.

Cardano (ADA) blockchain founder Charles Hoskinson has raised some eyebrows in the crypto community by commenting on Elon Musk’s alleged 20% ownership stake in Dogecoin (DOGE). Answering audience questions on the Thinking Crypto podcast, Hoskinson was asked about a potential partnership with Tesla’s CEO and his relationship with DOGE.

Cardano Founder Praises Musk’s Magic

In response, Hoskinson rhetorically asked: “Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supply? Or is it that he just likes the f***ing logo?”. Hoskinson acknowledged that due to Musk’s unconventional thinking, it’s hard to determine his motivations and get a full grasp of why he does what he does.

Commenting on Tesla’s recent developments on the $56 billion pay package, Hoskinson congratulated Musk on the positive news and criticized the previous decision by a Delaware judge. From Hoskinson’s point of view, the judge had no right to hand over $5 billion of Tesla shareholder’s money to attorneys representing a person with just nine Tesla (TSLA) shares.

Dogecoin Gets Tangled Up Below $0.15

DOGE’s stature was powerfully propelled by Musk’s endorsements back in 2021, most notably a Saturday Night Live comedy sketch, in which Musk revealed his alter ego, The Dogefather, to the public. DOGE then skyrocketed to an all-time high (ATH) of $0.73, leaving skeptics open-mouthed.

Since this marvelous milestone, DOGE has faced a significant retracement, now trailing 80.5% from its all-time peak. While DOGE managed to reclaim part of this former glory when Musk acquired Twitter, the top dog crypto has yet to break past $0.22 since Musk was sued by several investors for allegedly building a Dogecoin pyramid scheme.

However, DOGE is heavily supported by a community of crypto and meme enthusiasts, often putting it into the trending topics section on X. On top of that, the DOGE Army is awaiting confirmation from Musk about Dogecoin’s inclusion in XPayments, a brand new peer-to-peer (P2P) financial system on X. Musk envisions XPayments as the all-in-one crypto app, encompassing a social hub with financial research tools and the ability to transact money between X users.

Current technical indicators pointing to a neutral condition for DOGE

As of press time, Dogecoin is changing hands at $0.142255, displaying a neutral condition based on the Relative Strength Index (RSI).

On the Flipside

  • While celebrity tech mogul Elon Musk confessed to owning Dogecoin back in 2021, the current size of his holdings is unknown, as his crypto wallet is not publicly trackable.

Why This Matters

Dogecoin is the largest meme currency and the second largest Proof of Work (PoW) blockchain after the leading digital asset Bitcoin (BTC).

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Sourced from dailycoin.com.

Written by on 2024-06-14 19:30:00.

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