Tesla CEO Elon Musk has made it clear on social media he does not control the meme-inspired cryptocurrency Dogecoin (DOGE) and that his \u201cability to take action is limited.\u201d Dogecoin, he said, has no formal organization.<\/p>\n
Musk\u2019s comments came as he was replying to a Twitter user who said the CEO was apparently treating the cryptocurrency as if it were \u201cone of his own companies\u201d by actively marketing the cryptocurrency, engaging with its community, and contributing to its development.<\/p>\n
One of Dogecoin\u2019s 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 \u2018Dogefather\u2019.<\/p>\n
Musk has engaged with Dogecoin\u2019s developers to try and keep the cryptocurrency\u2019s development progressing and even asked his over 56 million followers on the microblogging platform to submit ideas to help develop DOGE.<\/p>\n
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.<\/p>\n
Dogecoin was originally created back in 2013 as a joke. The cryptocurrency\u2019s community is well-known for taking on\u00a0philanthropic projects, which included helping charitable organizations. It\u00a0made headlines\u00a0in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.<\/p>\n
Over the past year, the cryptocurrency\u2019s 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.<\/p>\n
Musk has explained he favors DOGE over other altcoins because it \u201chas dogs & memes, whereas the others do not.\u201d<\/p>\n