Benzinga - In a highly-anticipated biography set to be published on Sept. 12, details have emerged about Tesla CEO and X owner Elon Musk’s discreet financial contributions to the development of Dogecoin (CRYPTO: DOGE).
What Happened: Written by Walter Isaacson, the book sheds light on Musk’s involvement and his consideration of creating a blockchain-based social media platform
According to Isaacson’s revelations, Musk “quietly funded” Dogecoin and even discussed the possibility of incorporating a payment system using the popular meme coin. These insider details are expected to be disclosed within the pages of the upcoming biography.
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Why It Matters: To reach the milestone of $1 per Dogecoin, the market capitalization of DOGE would need to soar to an astonishing $140 billion.
It’s worth noting that at present, DOGE’s current market cap stands at $8.83 billion. In comparison, Bitcoin (CRYPTO: BTC) boasts a market cap of $541 billion, while Ethereum (CRYPTO: ETH) sits at $195 billion.
For DOGE to bridge the gap and achieve this desired milestone, it would need to undergo a 1494.9% increase.
Price Action: At the time of writing, DOGE was trading at $0.062, down 0.56% in the last 24 hours, according to Benzinga Pro.
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