Dogecoin Spikes 2% After Elon Musk's Biography Reveals He 'Quietly Funded' DOGE

Dogecoin DOGE/USD experienced a 3% surge, as anticipation builds around the upcoming biography of Tesla CEO and X owner Elon Musk.

What Happened: The highly-anticipated book, set to be published on September 12, reportedly sheds light on Musk’s discreet financial contributions to the development of the popular meme coin.

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According to revelations from Walter Isaacson, the author of the forthcoming biography, Musk "quietly funded" Dogecoin and even contemplated the creation of a blockchain-based social media platform. These details are expected to be unveiled within the pages of the book.

"..Perhaps, he said half-jokingly, it could have a payment system using Dogecoin, the semi-serious cryptocurrency whose development he had been quietly funding," the excerpt from the book read.

The author also discusses Sam Bankman-Fried (SBF), the former CEO of collapsed crypto exchange FTX, and his unsuccessful attempt to secure a role as part of the investors for Twitter’s (now X) acquisition.

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Why It Matters: Musk’s affinity for Dogecoin has been openly expressed in the past. In a tweet in August, Musk was responding to a post on X by his mother Maye Musk, Elon said that "X," is a DOGE-friendly place.

Over the course of two years, Isaacson immersed himself in Elon Musk's world, shadowing him and closely studying his mind and daily activities. Isaacson conducted comprehensive interviews with Musk's family, friends, colleagues, and even rivals, aiming to comprehend the multifaceted nature of one of the world's greatest minds.

Price Action: At the time of writing, DOGE was trading at $0.064, up 2.07% in the last 24 hours, according to Benzinga Pro.

Photo by Vitalii Stock on Shutterstock

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