MARKETPEOPLE

Elon Musk changes profile picture to "fork"! Mysterious tweet "Dojo 4 Doge" sparks speculation, Wu Jihan: Hard fork?

share
Elon Musk changes profile picture to "fork"! Mysterious tweet "Dojo 4 Doge" sparks speculation, Wu Jihan: Hard fork?

According to the latest tweet from Tesla founder Elon Musk, as well as various speculations within the crypto community, Musk may indeed be considering the idea of forking Dogecoin.

Elon Musk and Dogecoin (DOGE)

Elon Musk has been tweeting about Dogecoin multiple times on Twitter, even changing his bio to "Former CEO of dogecoin" and jokingly saying that he might have been too public about shilling it.

Complaints about Dogecoin's Concentrated Holdings

The issue arose due to the concentration of Dogecoin holdings by large holders. Despite jokingly saying that "Dogecoin is the currency of Earth's future" and buying Dogecoin for his son, Musk seems unwilling to address the reason behind Dogecoin's concentration, possibly to avoid indirectly benefiting large holders.

Reports on the 15th mentioned Musk stating:

If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.

Some users suggested Musk should issue "ElonCoin" and airdrop it to small Dogecoin holders to encourage large holders to divest their Dogecoin. Musk responded:

If necessary.

Dogecoin Fork?

Musk's recent actions have sparked speculation. Not only did he reply to a tweet from the official Dogecoin account on Twitter saying he bought a used Antminer L3+ on eBay to play with his kids, he also changed his Twitter profile picture to a fork yesterday, with a tweet:

What is Dojo?

Derived from Japanese, Dojo traditionally refers to a place for meditation or martial arts training. However, for Tesla, it is an in-house supercomputer used to train Tesla's artificial intelligence for autonomous driving, a "dojo" for AI.

Dojo was first revealed in 2019 with the aim of receiving visual data such as potholes, pedestrians, and unexpected situations to optimize Tesla's self-driving systems. Musk even described Dojo as a "real performance beast" last year.

Linking Dojo and Dogecoin together may not just be a play on words. Many Dogecoin enthusiasts boldly speculate, as seen in a tweet, that Musk's mention of Dojo with Dogecoin hints at developing mining capabilities for Dojo.

However, according to Musk's statement, the development progress of Dojo V1.0 will take another year, with power and cooling systems being the main challenges, similar to those faced by mining rigs.

Interest from Wu Jihan

Musk's actions have also caught the attention of Wu Jihan, co-founder of Bitmain and Matrixport, who suspects Musk's intention might be a hard fork.

The Block's Research Director Larry Cermak believes the market is currently too frenzied, stating:

We are at a stage where people are seriously discussing whether to hold Dogecoin in case Musk decides to fork it and airdrop it to all Dogecoin holders just because he changed his Twitter profile picture to a fork. What stage of the bubble is this?

So, what will be the outcome? Larry retweeted Musk's tweet from January 7th where Musk said:

The most entertaining outcome is the most likely.

Larry believes a hard fork of Dogecoin is highly likely to happen in the end.