• Cardano founder Charles Hoskinson speculates Elon Musk may hold 20% of Dogecoin’s supply, jokingly linking it to Musk’s affinity for the memecoin.
  • Despite Cardano’s interest, Musk has not engaged in potential partnerships, leaving Hoskinson puzzled about the lack of response given Cardano’s growing influence in the crypto space.

Cardano’s founder Charles Hoskinson playfully inquired whether Tesla’s founder Elon Musk holds 20% of Dogecoin’s (DOGE) total supply. Hoskinson’s inquiries arose in a recent Thinking Crypto podcast on YouTube, with Tony Edward as the host.

Elon Musk’s Love for DOGE Questioned

In a section of the interview, the conversation shifted to Musk’s well-known fondness for Dogecoin. “Why does he have this bizarre fetish for Dogecoin?” queried Hoskinson. He jokingly questioned if it stemmed from his massive 20% DOGE holding or simply a love for the memecoin’s logo.

It is worth mentioning that this isn’t the first time Musk’s Dogecoin cheerleading has raised eyebrows. In 2023, Dogecoin investors filed a class action against him for billions over losses attributed to his promotional tweets. Musk, however, has maintained he never encouraged people to invest, as previously reported by Crypto News Flash.

Notably, owning 20% of Dogecoin’s circulating supply would translate to a hefty billions of dollars at current prices. However, it’s important to note that this figure was just a humorous musing by Hoskinson. While Elon Musk has confirmed holding Dogecoin, the exact amount remains a secret.

Edward also pointed out the community’s eagerness to explore partnerships between Cardano and Musk’s ventures. “Could there be a way for Musk to leverage Cardano’s Midnight sidechain for future endeavors at SpaceX, Tesla, or X?” Edward questioned.

A Call for Collaboration Unanswered

While Hoskinson acknowledged the appeal of a partnership, he admitted there haven’t been any discussions with Musk’s team. He revealed that Cardano had reached out for collaboration on various projects, including combating bots on Musk’s X platform.

However, these attempts seem to have been met with silence from Musk. Hoskinson expressed surprise at Musk’s behavior, especially considering Cardano’s growing prominence. He even highlighted a recent instance where Argentina’s pro-crypto President Javier Milei shared Cardano-related tweets.

Hoskinson speculated that advisors might be discouraging Elon Musk from interacting with Cardano or himself. He finds this odd considering his deep involvement in the crypto space and his association with Dogecoin and their mutual friend Lex Friedman.

Dogecoin’s Price Reaction

At press time, DOGE is trading at $0.1422, demonstrating a 1.7% decline in the past 24 hours.

The trading volume also decreased by 45.8% to $645 million, with the market cap pegged at $20.5 million. This data suggests dwindling investor sentiment for the memecoin. Nonetheless, market analysts remain bullish on Dogecoin’s future price trajectory.

The mystery surrounding Elon Musk’s stake in Dogecoin continues to intrigue both the crypto community and market analysts. Charles Hoskinson’s speculative humor sheds light on the enduring fascination with Dogecoin and Musk’s role in its ecosystem. Whether Musk owns 20% of DOGE or not, his influence on the cryptocurrency remains undeniable, with its price reflecting investor sentiment and market dynamics.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.