On the dog? – SEC „investigating“ Musk’s Dogecoin tweets.
The successful entrepreneur smiles at the ambitions of the US Securities and Exchange Commission, which is said to have opened an investigation into him.
After Tesla CEO Elon Musk’s Twitter activity in recent weeks was instrumental in helping the „joke cryptocurrency“ Dogecoin (DOGE) reach many times its previous record high, rumours are now surfacing that the US Securities and Exchange Commission (SEC) wants to investigate the entrepreneur’s possible influence.
While one Musk fan stresses the absurdity of such an investigation, saying that it would Bitcoin Rush figuratively crown the wild year for the crypto markets so far, the Tesla CEO himself speaks out in response to this tweet.
Although Musk had already run afoul of the SEC in the past because of his Twitter comments about Tesla, he does not seem to be afraid of a new audit by the authority. At the time, both sides had agreed on a settlement that involved fines and strict requirements for the entrepreneur’s communications on social networks. Nevertheless, Musk smiles at the prospect of new investigations; in fact, he wishes for them.
His penchant for „dogs & memes“ has driven the Tesla boss to tweet about the DOGE time and again of late
Most recently, he posted a picture showing the crypto project’s mascot on the moon.
The moon is a metaphor for the astronomical rise in the price of cryptocurrencies, which is why memes like this are often interpreted as Musk’s advocacy. Accordingly, the price of the „dog coin“ has not only reacted strongly to his tweets in recent weeks, but there have also been similar situations before.
That Musk’s „influence“ has very real effects on Dogecoin and Bitcoin (BTC) was even recently proven in a study by researchers in Hamburg. However, it is hard to separate harmless fun from deliberate control. Some observers are of the opinion that the Tesla boss could well get into legal trouble as a result of his influence on Bitcoin.
However, the likelihood of an SEC investigation into Musk’s Dogecoin tweets being successful is probably as slim as the DOGE’s chances of eventually becoming a global reserve currency. So the entrepreneur has little to fear, and the crypto community can look forward to more tweets and memes from the „richest person in the world“.