Dogecoin (DOGE) has a new “CEO” — or does it now? The Shiba Inu-themed cryptocurrency’s co-creator Billy Markus stirred interest in the non-existent executive through a social media post.
What Happened: Markus joked on Twitter that he was resigning the post after a publication called him a CEO of Dogecoin. Markus nominated meme creator Greg as his “successor.”
See Also: How to Buy Dogecoin (DOGE)
The Dogecoin creator also made a reference to Tesla Inc TSLA CEO Elon Musk, who declared himself as a former CEO of the meme cryptocurrency last year.
Musk will be given the role of “Chief Meme Overlord,” as per Markus.
People are asking about @elonmusk, so before I fully make the transition, Elon will be given the role “Chief Meme Overlord.”
— Shibetoshi Nakamoto (@BillyM2k) May 31, 2021
This role gives the responsibility of tweeting randomly, whenever he feels like it, about whatever he wants.
Greg jumped at the chance and tweeted, “With great honor I accept this position, thank you.”
Slim Jims, a snack from Conagra Brands Inc CAG, which often uses Dogecoin for social media marketing vied for an executive position as well.
It's a wise choice. Can I be Chief meat officer? @greg16676935420 is that cool with you boo boo?
— Slim Jim (@SlimJim) May 31, 2021
Why It Matters: Dogecoin has enjoyed an 8,585.8% year-to-date gain driven by social media interest and mentions by celebrities like Musk, Snoop Dogg, Mark Cuban.
At press time, DOGE traded 15.41% higher at $0.42 over a 24-hour period. The meme coin spiked 14.79% against Bitcoin (BTC) and 13.47% against Ethereum (ETH) in the same time frame.
BTC traded 3.36% higher at $37,466.42, while ETH traded 5.02% higher at $2,697.91 at press time.
On r/Dogecoin, a Reddit forum, several posts clamored for Greg to be appointed CEO, even though the position does not exist in reality.
Even though Dogecoin does not have a chief executive, trends from Alphabet Inc GOOGL GOOG search engine Google reveal that the string “Dogecoin CEO” was more searched than "Billy Markus" in a nearly one year time period.
Google Trends Indicate Dogecoin CEO More Popular Than Billy Markus As A Search Term
Musk pointed out last month that Dogecoin has no “formal organization” and his “ability to take action is limited.”
Even so, in May the Tesla chief said he was working with Dogecoin developers to improve the cryptocurrency’s “system transaction efficiency.”
Read Next: Dogecoin Co-Creator Says 99.9% Of Crypto Market Is Driven By 'Greater Fool Theory'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
