Elon Musk, CEO of Tesla and SpaceX, has addressed rumours of his links with the Dogecoin Foundation and tweeted that he has nothing to do with organisation. The Dogecoin Foundation is a non-profit organisation that was established in Colorado, Denver, by the original token’s creators. The foundation has recently filed to trademark the name, among at least half a dozen similar claims.

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While its creators Billy Markus and Jackson Palmer left the cryptocurrency space disillusioned, other members who participated in the token’s development are still part of the foundation. The foundation claimed that its board includes Jared Birchall, a close associate and representative of tech billionaire Elon Musk, and Ethereum co-founder Vitalik Buterin as advisors. But Musk has come out and said that he has no association with the once-defunct but recently resuscitated foundation.

“Neither Jared, nor me, nor anyone I know has anything to do with this foundation,” Musk tweeted out in response to another Twitter user.

Musk further stated that he has had no recent communications with the current Dogecoin developer team either, which is independent of the foundation.

“We are here to accelerate the development effort by supporting current Dogecoin Core and future Dogecoin Developers to work on a full-time basis through sponsorship, as well as providing a welcome landing for new contributors hoping to help with the project,” the foundation stated in its mission statement earlier in the year.

Neither Jared, nor me, nor anyone I know has anything to do with this foundation

— Elon Musk (@elonmusk) October 24, 2021

Musk has been the outspoken advocate behind the popularity of Dogecoin in recent years. The eccentric billionaire has been almost single-handedly responsible for the volatile rise of cryptocurrency, which was once made in a satire on the entire concept of cryptocurrencies.

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto,” Musk had explained as the reasoning behind his support.

Musk’s influence in the crypto sphere remains enormous, even though that remains antithetical to the idea of a decentralised system of finance. His tweets and statements have caused enormous price movements in various tokens, and just the act of adopting a puppy spawned off an army of new tokens.

(Edited by : Aditi Gautam)

First Published:Oct 25, 2021 4:29 PM IST