Elon Musk, CEO of Tesla, recently said that cryptocurrency Dogecoin has no formal organization. In a reply to a tweet praising his role in the development of the Dogecoin’s ecosystem, Musk said that no one from Dogecoin reports to him.
Musk remained vocal about his views on Bitcoin, Dogecoin, and other cryptocurrency assets during the last few months. Earlier in May, Musk tweeted about his work with DOGE developers to improve the transaction efficiency of the system.
Additionally, he criticized Bitcoin for its carbon footprint and highlighted the need for a collective effort to decrease the use of dirty energy in crypto mining.
“Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited,” Musk mentioned in a tweet yesterday.
The price of Dogecoin has increased substantially since the start of 2021. As of writing, DOGE is trading near $0.33, which is up by more than 8,000% since the start of this year. DOGE touched an all-time high of nearly $0.73 on 8 May after a significant bullish rally driven by strong retail demand. Despite the recent dip, Dogecoin is still the best-performing cryptocurrency among the top 10. In terms of market cap, DOGE is the 7th largest digital currency in the world.
Apart from the support of celebrities like Elon Musk and Snoop Dogg, the adoption of Dogecoin has increased rapidly during the last few months. In March 2021, the Dallas Mavericks, one of the leading American professional basketball teams, became the first NBA team to accept DOGE for tickets and merchandise. Recently, CoinFlip, the US-based crypto ATM provider, announced the listing of Dogecoin on its 1,800 ATMs across the US in an effort to make the digital currency available to the masses. In the last week of March 2021, Latvian airline, airBaltic announced the acceptance of DOGE and other cryptocurrencies for different payments including ticket bookings.