Tesla CEO Elon Musk has made it clear on social media he does not control the meme-inspired cryptocurrency Dogecoin (DOGE) and that his “ability to take action is limited.” Dogecoin, he said, has no formal organization.
Musk’s comments came as he was replying to a Twitter user who said the CEO was apparently treating the cryptocurrency as if it were “one of his own companies” by actively marketing the cryptocurrency, engaging with its community, and contributing to its development.
One of Dogecoin’s co-founders thanked the CEO of Tesla for his words, as it makes it clear Tesla is not in control of the cryptocurrency. The entrepreneur has been actively promoting it over the last few months, to the point he has been called the CEO of Dogecoin and the ‘Dogefather’.
Musk has engaged with Dogecoin’s developers to try and keep the cryptocurrency’s development progressing and even asked his over 56 million followers on the microblogging platform to submit ideas to help develop DOGE.
Shortly before he revealed Tesla would stop accepting bitcoin payments over environmental concerns, he also tweeted a poll asking his followers whether the electric car maker should accept DOGE as a payment method.
Dogecoin was originally created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
Over the past year, the cryptocurrency’s popularity exploded after several celebrities started tweeting about it. Musk, Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg, and others have over time tweeted jokes about DOGE, fuelling its growth.
Musk has explained he favors DOGE over other altcoins because it “has dogs & memes, whereas the others do not.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.