Tesla CEO, Elon Musk, is in the news again for causing a buzz on the microblogging platform, Twitter. Musk has sparked reactions with a single-word tweet in response to a tweet made by a top meme cryptocurrency co-founder. It appears that we would be seeing a new unofficial or fake CEO of one of the hottest coins in the market right now; Dogecoin.
There has been an ongoing debate about finding an unofficial CEO for Dogecoin, one who would be a representative of the blazing coin on social media and in the business world. The debate reached a new high yesterday when a ranking Doge executive took to Twitter to ask for a most unlikely suggestion.
What Happened?
Billy Markus, the co-founder of Doge, made a tweet in which he said that he would announce a new CEO for Doge later in the day. The tweet immediately gathered traction and Doge community members began to engage it. Elon Musk would later reply to the tweet with a single word, “me”.
Musk appears to have put an end to the debate by volunteering to become the fake CEO of Doge. but he didn’t stop there. Musk later replied to the tweet saying that he thinks that his dog could do a great job as the CEO too. He praised his dog’s judgment and suggested, jokingly, that it could be the perfect CEO. The dog is a Shiba Inu dog; the dog breed whose image is used as the Doge logo.
The debate around appointing a fake Doge CEO has been around for a while. In April 2019, the Doge community even conducted a poll on Twitter asking the public to vote for a winner between Elon Musk, Charlie Lee, Vitalik Buterin, and Marshall Hayner, respected founders or executives at Tesla, Ethereum, Litecoin, and Metal respectively. Musk won that vote and Musk became the fake CEO. It didn’t take too long before his tweets began to rally Dogecoin to higher price levels; by May 2021, Doge hit a huge $90 billion market capitalization.
The token that started as a joke had become a cornerstone in the crypto industry.
Doge Price Movement
As of press time, Doge trades at $0.2724 having experienced a loss of 0.24% in 24 hours. Doge has benefitted from bullish trends inspired by Elon Musk’s tweets over the last 12 months. On May 8, Doge hit its all-time high of $0.7376 after a series of astonishing bullish trends. Analysts and critics have recognized Musk’s seemingly powerful position in the industry and how his tweets can move the market.
Many in the crypto community would even consider him an official Doge CEO in terms of popularity and his love for the memecoin. But Musk has said that he is not the official CEO of Doge and thus his powers on decision-making regarding the coin project are limited. That has not stopped him from promoting the coin though; he has consistently praised Doge and referred to it as bigger than Bitcoin and Ethereum.
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