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Elon Musk is still joking about Dogecoin
Elon Musk is still joking about Dogecoin
Altcoin

Elon Musk is still joking about Dogecoin

By Marco Cavicchioli - 27 Apr 2020

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Elon Musk has updated the bio of his Twitter profile reiterating that he would be the former CEO of Dogecoin

His bio now reads:

“Meme necromancer, former CEO of Dogecoin.” 

It should be remembered that a year ago an unusual poll was launched on Twitter to vote who should be the CEO of Dogecoin and the winner was Elon Musk. 

Since then, jokingly, Musk began to boast of this title, especially because Dogecoin is a decentralized cryptocurrency, and not a company, hence the CEO simply does not exist. 

In the past he had already mentioned Dogecoin on other occasions, something that probably leads him towards amusement and in some ways continues to excite him, although this is certainly not the most impressive project in the crypto sector. 

It has a lot to do with meme since its name and logo are based on a famous 2013 meme, called Doge

Dogecoin was launched in 2013 as a result of the success of that meme, and it’s perhaps because of his connection with memes that Elon Musk seems to like it a lot. 

Moreover, 2013 was an important year for Musk and since Doge was the most successful meme of that year it may have been imprinted in his memory in an indelible way. 

At this point, it is also possible that, since Dogecoin was born as a joke, Musk may even have actually played some kind of role in its creation, or in its launch. 

However, this remains only a vague hypothesis, because it is not supported by any concrete evidence. 

Another hypothesis is that he wants to reiterate the notion that the success of cryptocurrencies is similar to that of memes, i.e. that they have value only because the masses are interested in them. 

In reality, however, Dogecoin has a market capitalization that is 500 times lower than that of Bitcoin and is by no means the best example in the world to judge what cryptocurrencies are and how they work. 

However, it does rank 31st on CoinMarketCap for market capitalization, and since this is basically a very successful joke, it can give an idea of how relatively easy it can be for a cryptocurrency to succeed when supported by a significant number of people. 

Nonetheless, the fact remains that Elon Musk’s continued interest in its fate highlights how at the very least it is an interesting project to study

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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