arrow-up
Market Musings

Elon Musk Lets the Doges Out

By
Published on:
May 27, 2021

Having turned a firehose on Bitcoin, the “Dogefather” tamped down on the idea that he has any real connection to Dogecoin.

 Elon Musk Lets the Doges Out

Table of Contents

Only days after turning on Bitcoin with an anti-pollution broadside that is widely blamed for causing the current cryptocurrency market meltdown, Tesla CEO Elon Musk set out to muzzle the idea that he has any real control over the meme-based Dogecoin.

 

Musk’s favorable memes and musing on Dogecoin have regularly sent the cryptocurrency’s price soaring in recent months, with Musk calling himself the “Dogefather” and announcing on Twitter that he’d bought his infant son some DOGE “so he can be a toddler hodler.”

 

Dogecoin is controversial, as it was launched in 2013 as a joke, using the Shiba Inu dog image of a well-known meme. 

 

Thanks to Musk’s support it has gotten a new lease on life — or, really, a first lease on a serious life — with the price skyrocketing this year from $0.007 to nearly $0.74, before plummeting this month — along with every other cryptocurrency — down to $0.34. Which is still enough to keep it a top 10 cryptocurrency by market capitalization, beating out the like of DeFi-foucsed Polkadot and the USD Coin stablecoin.


It Ain’t Me, Babe 

On May 25, Musk clamped down on that relationship as well, responding to a tweet calling him the “Doge CEO” by tweeting “Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited.”

 

Of course, that came a day after he tweeted out a serious call for people interested in helping develop Doge — and then promptly followed that up with:

 

“Someone suggested changing Dogecoin fees based on phases of the moon, which is pretty awesome haha.”

 

More prosaically, Musk recently suggested that he’d like to see DOGE’s block size and block times grow 10 times faster than they are currently, and while dropping fees 100 times lower. 

 

That prompted a backlash from Ethereum creator Vitalik Buterin, who said that would be very hard to do without “extreme centralization and compromising” the fundamentals of blockchains.


Author(s)

Leo Jakobson

I'm an NYC-based journalist covering crypto and business.

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!

Email submitted!
Oops! Something went wrong while submitting the form.

Related Articles