Tesla Inc TSLA CEO Elon Musk said Tuesday that his ability to “take action is limited” when it comes to Dogecoin (DOGE).
What Happened: Musk made his comments on Twitter while noting the decentralized nature of the Shiba Inu-themed cryptocurrency.
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
Musk, who also heads the space exploration firm SpaceX, last year called himself a former CEO of Dogecoin as a joke.
See Also: How to Buy Dogecoin (DOGE)
This month, Musk said he was working with DOGE developers to improve the cryptocurrency’s “system transaction efficiency.”
DOGE traded 0.31% lower at $0.35 at press time over a 24-hour period. The cryptocurrency has fallen 2.28% against Bitcoin (BTC) and 7.14% against Ethereum (ETH) in the same time frame.
BTC traded 2.33% higher at $39,215.51 at press time, while ETH traded 7.67% higher at $2,792.39.
Why It Matters: On Sunday, the entrepreneur reached out to his Twitter following asking them to help develop DOGE. The call led to an increase in the following of the r/Dogecoin community on Reddit, which crossed the 2 million mark.
Musk also spoke with North American BTC miners who committed to publishing current and planned renewable energy usage. The meeting was facilitated by MicroStrategy Inc. MSTR CEO Michael Saylor.
Saylor said on Twitter that the meeting had resulted in the formation of the “Bitcoin Mining Council,” which will promote energy usage transparency and accelerate “sustainability initiatives worldwide.”
This development has evoked fears in some that cryptocurrency decentralization may take a hit.
Reddit poster u/IllVagrant called the move “a ploy to centralize authority over the cryptocurrency by billionaires all along.”
It should be noted that Tesla suspended BTC payments this month citing environmental concerns.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month