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Jafrin Ahmed
May 26, 2021
by Jafrin Ahmed

Elon Musk Clarifies Dogecoin is Not Under His Control

Elon Musk Clarifies Dogecoin
A Twitter user recently said that Elon Musk is treating Dogecoin like one of his companies which he clarifies later, adding that "he is actively marketing DOGE, engaging with the community, and using his engineering and leadership prowess to contribute to DOGE development". In response to this, Musk said that he only does this because Dogecoin has no formal organization and that his ability to take action is limited.

Elon Musk Clarifies He's Not Affiliated With Dogecoin

Elon Musk has been called by a prominent community Twitter account as "Doge CEO," and praised the Tesla and SpaceX CEO for treating Dogecoin like his own company.

"Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited," added Musk.

Interestingly, the Tesla boss called himself the former CEO of Dogecoin as a joke last year.

At the time of writing, DOGE is trading higher at 2.5% at $0.35 with a market capitalization of $46 billion and is currently the 7th largest cryptocurrencies by market cap.

Retail Will Lose Interest in Dogecoin: Mike Novogratz

Galaxy Digital CEO Mike Novogratz recently appeared in an interview with Goldman Sachs to discuss the potential of cryptocurrencies including Dogecoin, adding that the digital token has no future.

“Dogecoin is a very speculative asset, much more so than bitcoin. It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest,” he added.

According to Novogratz, the meme-inspired cryptocurrency has surged in popularity so far this year for two reasons:

"First and foremost is tribalism in the investing community. It's the same thing we saw with the rise in GameStop, which was driven by a young community of investors who have been empowered as financial players through trading apps and social media platforms."

"Second, value is showing up in new places because the government is printing a lot of money. It's important to keep that in mind when thinking about some crypto assets and equities like GameStop that have short-term potential but no long-term viability."

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Elon Musk Clarifies Dogecoin is Not Under His Control
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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