Charles Hoskinson Guesses Why Elon Musk Is So Passionate About Dogecoin

In case you were wondering how an iconic meme became the favorite cryptocurrency of centibillionaire Elon Musk, Cardano's Charles Hoskinson has made an educated guess.

Cardano founder Charles Hoskinson has shared his thoughts on why centibillionaire Elon Musk might be so fond of Dogecoin.

During an appearance on the Thinking Crypto podcast, Hoskinson suggested that Musk, who was once the richest man in the world, might own a large portion of Dogecoin’s total supply.

“He’s a legendary entrepreneur, and no one can challenge…He's a magical guy. He's really like a sphinx. Hard to understand his motivations and understand why he does what he does,” Hoskinson said.

“Why does he have this bizarre fetish for Dogecoin? Is that he owns 20% of the supply?”

However, the Cardano creator didn’t rule out the possibility that Musk might simply be fond of Dogecoin because of its furry, four-legged mascot.

“Or is it just he just likes the f*****g logo? You just don't know with a guy like that. That's the magic of Elon Musk,” Hoskinson opined.

Musk has been openly professing his love for DOGE for a couple of years now, with his first post about the OG meme coin dating back to 2019, when he called it his “fav cryptocurrency.”

The Tesla/SpaceX CEO's frequent endorsements and cheering on social media since then have spurred Dogecoin’s ascent, resulting in outsized returns for early investors.

As you may recall, he dedicated a segment to DOGE during his appearance on SNL in May 2021, which coincided with the once-joke crypto hitting its all-time high price of 73 cents.

Later the same year, the self-avowed Dogecoin evangelist confirmed that he owns DOGE.

In March, DOGE rocketed after Musk suggested that Tesla will, in the future, allow customers to purchase its electric cars with the canine-themed cryptocurrency.

Reports also indicate that the eccentric CEO has been secretly financing the development of Dogecoin.

Sadly, the token has shed some 80.2% of its value since the 2021 highs, as per CoinGecko.

Meme coin investors are hoping that DOGE will soon feature as a permanent payment option on his microblogging platform X, which would propel the crypto higher, perhaps even to the fabled $1.00 threshold.

News source：https://www.kdj.com/cryptocurrencies-news/articles/charles-hoskinson-guesses-elon-musk-passionate-dogecoin.html

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