On March 25, Elon Musk said that he is not legally partnered with dogecoin, so he lacks the ability to take the necessary actions on the improvement of dogecoin. Also the previous day, he asked developers for ideas to upgrade the crypto.
He tweeted to reply to a Twitter user who mentioned him as CEO of Dogecoin: “Please note that Dogecoin has no formal organization and no one informs me, so my ability to take action is limited.” From here we can conclude that Elon Musk has less control over the developments of Dogecoin.
But we still refer to Elon Musk as the Dogefather, because the increase in the price of Dogecoin was seen only after his futuristic and inspired tweets.
Musk always keeps Dogecoin in priority than any other crypto currency, after all, Dogecoin has doge memes, which is enough for its popularity. Earlier days, he called a meeting with developers to improve Dogecoin technology, because he still wants something to cover up after the ban of the acceptance of Bitcoins for Tesla.
Also read: Elon Musk-Supported Dogecoin’s Price Hits New All-time High After Scorching Past 50 Cents Mark
However, we must face the reality that Dogecoin is not yet designed to compete in the crypto market among major exchanges. After all, it is a meme coin, and many investors are seeing Dogecoin only as an opportunity to take exit with profit. But Elon Musk has clearly mentioned that he has no intention of selling his holdings in Dogecoins.