Elon Musk Might Own 20% of Dogecoin's Supply, Cardano Founder Suggests

Cardano Founder Charles Hoskinson Speculates on Elon Musk's Dogecoin Affinity

During a recent interview on the Thinking Crypto podcast, Cardano founder Charles Hoskinson posited that Tesla CEO Elon Musk's frequent promotion of Dogecoin on social media may be due to his substantial holdings in the cryptocurrency. However, Hoskinson also acknowledged the possibility that Musk simply favors the Dogecoin logo.

"He's an enigmatic entrepreneur, and his motivations are difficult to decipher," Hoskinson remarked. "Why does he have such an affinity for Dogecoin? Is it because he owns a significant portion of its supply or solely because he admires its logo? With someone like him, it's anyone's guess."

Musk has publicly confirmed his Dogecoin ownership since 2021, contributing to the cryptocurrency's surge earlier this year.

Lack of Reciprocity

Despite offering complimentary assistance with verified tweets during the recent bot crisis, Hoskinson claims that Musk has consistently ignored Cardano's outreach.

"I am acquainted with Kimbal Musk and have engaged in conversations with him several times," Hoskinson said. "Furthermore, I know many individuals within Elon's circle, yet he has never mentioned Cardano, myself, or anything related to our project. For some reason, we've been unable to establish a connection. I'm unsure of the cause. He is undoubtedly aware of the cryptocurrency industry. Perhaps there are individuals in his social circle who hold negative opinions towards me."

Hoskinson expressed disappointment, as he has a million followers on the social media platform X and believes that such social capital is invaluable. "I am eager to witness X thrive and progress, and I would welcome the opportunity to contribute in any way possible," he added.