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Musk’s tweets have been credited with significantly influencing the meme cryptocurrency’s value.
Elon Musk, CEO of Tesla, reminded Twitter followers on Tuesday that, despite his recent interest in Dogecoin (DOGE), he has no formal authority over the project.
Musk was responding to a comment from a Dogecoin-themed account, which stated that he had begun operating Dogecoin as if it were one of his own businesses, and that he had effectively become the project’s CEO.
The comment framed Musk’s influence as something to be celebrated, but the self-proclaimed “Dogefather” issued a reminder that he actually isn’t the boss and that no one really answers to him.
With Elon as “Doge CEO”, we are in good hands! 🚀
— 💸💸💸 (@itsALLrisky) May 25, 2021
According to the findings of a recent Australian survey, more than half of respondents believed Musk was the creator of Bitcoin (BTC), implying that his recent Dogecoin reminder was well timed.
Dogecoin is a cryptocurrency meme that was created for purely amusing reasons. The joke faded after it was launched in 2013, and the coin vanished into obscurity until Musk discovered it in 2020. Musk’s subsequent tweets were credited with pumping the value of DOGE throughout much of 2021, jumping on the bandwagon of a joke that was over a decade old.
Others have blamed Musk for what they see as irresponsible swaying of cryptocurrency markets. During the mid-May market crash, a Change.org petition was launched demanding that Musk sell his Bitcoin holdings and withdraw from the cryptocurrency sphere before his tweets cause more unwelcome commotion.