Dogecoin ($DOGE) has been a long-standing cryptocurrency. Still, in recent events, it seemed like Elon Musk has been "marketing" the cryptocurrency and helping them with his tweets that directly affect its valuation. In his May 25 tweet, Musk explains how he helps Dogecoin, and it is now what most people think, especially as he does this without the expense of his leadership at his companies.
Elon Musk and Dogecoin's relationship seem vague; as it was seen in their history, it was initially known that the public was only pushing Musk to tweet about the meme cryptocurrency. Additionally, most of his initial tweets were only euphemisms or symbolisms to Doge like "to the moon!" and other phrases, which somehow resemble SpaceX tweets.
Earlier this year, Musk has been under the investigation of the United States Securities and Exchange Commission (SEC) for his tweets that talked about or meant something about Dogecoin.
This only shows how much the CEO has a lot of influence over the public and market, as his tweets can move a cryptocurrency to fame or chaos.
Dogecoin Marketing: Is Elon Musk Doing It?
Elon Musk is known as the "PR Person" of Tesla," SpaceX, and most of his subsidiary companies as it is his "job as CEO," which he initially addressed when a suggestion pushes him to get a team.
In the case of Dogecoin, a Twitter user said that Musk is treating the cryptocurrency "like one of his companies" and even went to say that the CEO is "actively marketing" Doge.
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
Elon Musk has been called by the Twitter user "Doge CEO," and in response, the eccentric CEO (@elonmusk) said that he only does this because Dogecoin has "no formal organization." This statement was a clarification that he is not affiliated with Dogecoin whatsoever, and despite what he is doing, his "ability to take action is limited."
Is Elon Musk a Massive Influence on Dogecoin?
Elon Musk has always been a massive influence on social media, and the public will either follow whatever he says or celebrate the mentioned companies coming from him. One example was his suggestion to use Signal Messenger over WhatsApp due to Facebook's privacy issues that led to its boycott.
Currently, Dogecoin is still at rank number six (6) via Coin Market Cap and is valued at $0.34, with a market cap of $45 billion. While the cryptocurrency is maintaining it, it still is a downward trend which the coin is experiencing, but as per recent tweets of Elon Musk, it might turn out to be good for Doge's future.
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Written by Isaiah Richard