Tesla CEO Elon Musk reminded Twitter followers on Tuesday that despite the recent interest he’s taken in Dogecoin (DOGE), he still has no formal authority over the project.
Musk was replying to a comment from a Doge-themed account, which opined that he had taken to operating Dogecoin like one of his own companies and that he’d 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.
Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited
— Elon Musk (@elonmusk) May 25, 2021
The results of a recent survey conducted in Australia revealed that more than 50% of respondents believed Musk to be the inventor of Bitcoin (BTC), suggesting that his recent Dogecoin reminder might be well judged.
Dogecoin is a meme in the form of a cryptocurrency that was created for purely humorous reasons. After being launched in 2013, the joke eventually faded, and the coin disappeared into relative obscurity until Musk stumbled across it in 2020. Hopping on the bandwagon of a joke the best part of a decade old, Musk’s subsequent tweets were credited with pumping the value of DOGE throughout much of 2021.
Others have attributed blame to Musk for what is perceived as an irresponsible swaying of cryptocurrency markets. A petition on Change.org was launched amid the market crash of mid-May demanding that Musk sell off his Bitcoin holdings and divest himself from the cryptocurrency sphere before his tweets cause more unwanted commotion.