Did Elon Musk fund the development of Dogecoin?

It's no big secret that Elon Musk is a fan of Dogecoin. Now the Wall Street Journal says he allegedly funded its development. In addition, it also appears that Musk wanted to integrate a social media system with crypto payments.

According to information from the Wall Street Journal (WSJ), Elon Musk is involved in the development of Dogecoin. The WSJ report names a section of the Tesla founder's upcoming biography, which addresses Musk's involvement in Dogecoin. According to the report, Musk thought about developing a social media platform with his brother - before he acquired Twitter for $44 billion.

Musk mentioned that "there could be a payment system using Dogecoin, the semi-serious cryptocurrency whose development he quietly funded." In addition, the multimillionaire wanted to work on a "blockchain social media system" that would handle "both payments and short text messages like Twitter."

Since Musk took the helm in the fall of 2022, he has implemented his vision. Recently, X (formerly Twitter) received a major license allowing crypto payments on the platform.