Is Elon Musk Quietly Funding DOGE Development?

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Is Elon Musk Quietly Funding DOGE Development?
Credit: © Reuters.

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  • Elon Musk, the owner of social media app Twitter, is aiming to bring out a major “PayPal (NASDAQ: PYPL ) update” to Twitter.
  • Musk is reported to be quietly funding Dogecoin development as well.
  • DOGE currently trades at $0.06331, after a climb of 1.50% over the past week.

According to recent reports, Elon Musk the billionaire tech entrepreneur, is aiming to bring out a major “PayPal update” to Twitter. Many speculate that this could cause widespread crypto market chaos. Additionally, Musk is reported to be quietly funding Dogecoin development.

As per a recent Forbes article, Musk is now planning to turn Twitter into an updated version of PayPal, and is currently working on acquiring licenses for the same. DOGE fans have speculated that it is possible DOGE could be registered as a payment option in the updated Twitter app.

Musk has already stated several times that there are plans to upgrade Dogecoin to rise above Bitcoin and other major crypto, and become what he calls the “currency of Earth.” Back in July, the billionaire replaced the Bird picture on Twitter (X) for a day with an image of the Dogecoin symbol. Following this, DOGE fans rejoiced and believed there would be much more in store for the memecoin since its most vocal advocate had taken over Twitter.

It is interesting to note that during his initial days after taking over Twitter, Musk introduced ideas about building a new social media platform on the blockchain. At the time, Musk also mentioned that this new platform would use DOGE as its payment currency. Revelations from Musk’s new biography show his thought process behind this idea.

Meanwhile, DOGE, like most other crypto, is currently showcasing marked improvements from its abysmal performance earlier last month. According to CoinMarketCap, DOGE’s price was able to climb by more than 1.50% throughout the past week, which left it trading hands at $0.06331. This meant that, at press time, DOGE was trading very close to its daily high of $0.06372. DOGE enthusiasts expect the memecoin to soar as Musk, its Patron Saint, brings about new developments to uplift the coin.

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