Rumors of a doable investigation by the USA Securities and Change Fee into Tesla CEO Elon Musk’s alleged influence on Dogecoin’s worth strikes have been circulating on social media over the previous day — a phenomenon that one Twitterer has quipped is “peak 2021.”
I hope they do! It might be superior
— Elon Musk (@elonmusk) February 25, 2021
Musk’s earlier show-downs with the SEC however, the CEO seems to be nonplussed about the opportunity of an all-too-real authorized fallout sparked by his penchant for the meme cryptocurrency. Musk’s professed love for “canines & memes” has spurred him to repeatedly publish jocular memes about Dogecoin (DOGE), most lately one displaying the Doge mascot “on the precise moon.”
— Elon Musk (@elonmusk) February 24, 2021
Whereas the reference apes dealer lingo for stratospheric worth motion and will subsequently be construed as some type of endorsement, Musk has publicly stated that for all his love of the meme cryptocurrency, he’s a partisan of Bitcoin (BTC) in relation to strategic private and company funding. That hasn’t stopped the CEO’s twittering, nonetheless tongue-in-cheek, from offering some critical gasoline for memecoin market volatility — Dogecoin Christmas 2020 being only one occasion.
Musk’s apparently all-too-real influence on the worth strikes of each cryptocurrencies, given his huge social media following, makes disentangling meme enjoyable from superstar shilling virtually unattainable. Authorized advisors have beforehand voiced their opinion that the CEO may already be in for scrutiny from the SEC after his documented affect on Bitcoin’s worth strikes this yr.
Each the prospect of an SEC investigation and the prospect of Doge’s metamorphosis into “an actual forex,” stay, for now, parallel meme-like and humorous eventualities within the CEO’s creativeness. Musk’s earlier SEC battles again in 2018 could have had actual ramifications for the CEO, leading to his removing as chairman of the Tesla board and the cost of monetary penalties, however he appears unlikely to surrender on his Twitter kicks simply but.