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

During a recent appearance on the Thinking Crypto podcast, Cardano founder Charles Hoskinson suggested that Tesla CEO Elon Musk routinely promotes Dogecoin on his social media profile due to owning a large portion of its supply. At the same time, he does not rule out that the controversial entrepreneur might simply like the cryptocurrency logo:

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

Musk himself confirmed that he was a Dogecoin holder back in 2021 after helping to propel the meme coin to all-time highs earlier this year.

No reciprocity

The Cardano team has offered free work with verified tweets due to the current predicament with bots, but there is always silence on Musk’s part, according to Hoskinson.

“I even know Kimbal Musk, and I’ve talked to him on several occasions. And I know many people in Elon’s orbit. And never once has he mentioned Cardano or, or me, or anything…For some reason, we can’t break through. I don’t know why. He’s certainly aware of crypto. Maybe he’s got people in his social circle that don’t like me,” he added.

It makes him “sad” because he is an X user with a million followers on the platform. He added that this kind of social capital is very valuable to him. “I would like to see X succeed and grow, and if we could ever be part of helping that out one way or the other, I would like to do that,” he added.

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