A social media influencer, Ayo Sogunro, on Friday raised a suspicion that the world's second-richest man, Elon Musk, probably has hidden agenda lurking around Dogecoin.
Sogunro who doubles as an author opined that Musk has the intention of building a currency around himself.
The self-styled human rights activist made the statement on his verified Twitter handle on Friday.
"This guy (Musk) really just wants to build a currency around himself. His peers, eg Jack, have been funding research and investment on digital currency for a while without first crashing the market. But I guess Elon is the kind of egoistic billionaire the world likes," he tweeted to his 90 thousand followers.
His comment came in reaction to a tweet by the billionaire who hinted that he is "working with Doge devs to improve system transaction efficiency. Potentially promising."
WUZUPNigeria reported that the Doge suffered a dip in value in the U.S. on Sunday after Musk called it a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show.
Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.
Although Musk said the cryptocurrency "is the future of currency, it is an unstoppable financial vehicle that's going to take over the world."
He also described it as a hustle when asked on a recent show. Musk replied, "Yeah, it's a hustle" and laughed.
Musk, on Thursday, tweeted that: "Cryptocurrency is promising, but please invest with caution!" with a video clip attached in which he said, "it should be considered speculation at this point. And so, you know, don't go too far in the crypto speculation …"
While Dogecoin dipped in value, the world's largest cryptocurrency, Bitcoin, also recorded losses on Wednesday night/Thursday morning after Musk's car company, Tesla, suspended the cryptocurrency as a means of payment
CNBC reported that at around 6 p.m. ET on Wednesday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.
By 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion.
The market has since pared some losses, and by around 3:00 p.m. on Thursday, the cryptocurrency market had seen around $290 billion wiped off its value since Musk's tweet.
Bitcoin was down 10.6% at around $48,500, according to Coin Metrics data, its first time below the $50,000 since Apr. 24.
Despite the recent pullback, bitcoin is still up over 400% in the last 12 months, CNBC added.
In the same vein, Reuters reported that the crypto giant has recouped some of the 17% plunge, regaining above $50,000 in Asian trade on Thursday, following losses from Musk's big announcement.
According to Musk, the company is "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," though he is not selling his bitcoin investment of $1.5 billion which he bought three months ago.