By
Chimamanda U. Martha
April 22nd, 2024
Elon Musk has played a notable role in the rise of Dogecoin into the consciousness of the public. At different points in recent times, he has made several tweets in support of the meme coin which led to spikes in its price.
With rumors swirling around that the Securities and Exchange Commission of the United States could be investigating Elon Musk, the founder of popular electric carmaker Tesla Inc (NASDAQ: TSLA), he has now come out with a statement that shows he is excited about the possibility of being under the investigation of the financial regulator. According to a tweet from his official account, Musk tweeted that “it would be awesome” if he is being investigated by the SEC.
I hope they do! It would be awesome 🤣🤣
— Elon Musk (@elonmusk) February 25, 2021
Notably, the SEC does not consider Dogecoin, a meme-based crypto asset as a security. So investigating the digital coin for instances of market manipulation seems improbable. However, the authorities could be monitoring the SpaceX CEO’s tweets as part of its settlement charges when he was accused of committing securities fraud through misleading tweets.
SEC Pays Attention to Musk Being a Vocal Supporter of DOGE
Elon Musk has played a notable role in the rise of Dogecoin into the consciousness of the public. At different points in recent times, he has made several tweets in support of the meme coin which led to spikes in the price of the virtual asset. He also has called himself the “dogecoin CEO.” And as part of his support for DOGE, Musk said he bought his son some of the assets.
Notably, whenever Musk tweets a meme or anything in support of the cryptocurrency, the value has always appreciated. A most recent example of this was his tweet about the asset just yesterday which led to a price rise. He also hinted about the possibility of pushing DOGE into being the currency of the internet.
Literally pic.twitter.com/XBAUqiVsPH
— Elon Musk (@elonmusk) February 24, 2021
Dogecoin has leveraged on this support of the second richest man in the world. The asset broke into the top 10 crypto assets by mark cap recently and reached a new all-time high as more retail investors began investing in it. Some corporate institutions have also started accepting the asset as a payment method due to the increased popularity of the asset.