DogeDesigner, as the name suggests, graphic designer at Dogecoin DOGE/USD last month firmly denied the speculation that Elon Musk, the CEO of Tesla and SpaceX, is the elusive creator of Bitcoin BTC/USD known as Satoshi Nakamoto.
What Happened: DogeDesigner argued that the absence of memes in the original Bitcoin white paper serves as compelling evidence against Musk being Nakamoto.
In past years, Musk has denied association with being the creator of Bitcoin through a tweet.
In 2013, Dogecoin was introduced as a playful parody within the crypto space.
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Musk’s involvement with Dogecoin has been intermittent but notable. For the past three years, he has been sporadically tweeting about the meme cryptocurrency, occasionally fueling its popularity. One such instance occurred on December 20, 2020, when Musk simply shared the word, “DOGE,” with his Twitter followers.
Similar to the GameStop rally, Dogecoin experienced a surge driven by the fervor of the SatoshiStreetBets Reddit group. Members of the group expressed their intention to drive the value of Dogecoin “to the moon” or even to $1 per coin. This contributed to its rise, reaching an all-time high of 69 cents in the spring of 2021, a considerable leap from its value of less than 1 cent per coin at the start of the year.
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Why It Matters: In recent development, Elon Musk’s social media platform, X (formerly known as Twitter), has been granted a license to provide cryptocurrency wallet services in Rhode Island. It has been speculated that Musk could potentially integrate Dogecoin into the platform.
In other news, an exclusive excerpt from the upcoming biography “Elon Musk” sheds light on a pivotal decision in his career. WSJ reports that during a lunch meeting with his brother Kimbal, the idea of a blockchain-based social media platform was suggested. Intrigued, Musk even mentioned incorporating Dogecoin, as a payment system for the envisioned platform.
Price Action: At the time of writing, DOGE was trading at $0.0634, down 0.30% in the last 24 hours, according to Benzinga Pro.
Illustration via Shutterstock
This article was originally published in September 2022
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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