There is little doubt that Elon Musk is probably one of the most influential people in Dogecoin. The head of Tesla has become an internet sensation with his support of meme coin Doge. However, the rumours are that Musk’s influence on the price of the coin could be rubbing the SEC the wrong way.
Rumours on social media suggest that the SEC is investigating Musk and his impact on the price of Doge. This also coincides with the SEC investigating the man behind the GameStop short squeeze, from WallStreetBets.
However, if the rumours are to be believed, the man behind it all, Musk, looks unfazed as he responded to a tweet about the rumours, stating: “I hope they do, it would be awesome”
Man behind the meme
Musk has certainly become more active in the cryptocurrency space but has advocated for the meme coin, even setting up mining for his children of the coin, and suggesting it should be more decentralized.
Additionally, Musk has been at the heart of a number of Dige memes which in turn have coincided with many different price spikes around the coin.
When it comes to the growth of the coin’s price, it would be difficult to state that Musk and his social media memes are anything more than jovial, but their impact cannot be understated and this is perhaps why the SEC is skeptical.
Legal advisors have previously voiced their opinion that the CEO could already be in for scrutiny from the SEC after his documented influence on Bitcoin’s price moves this year.
Both the prospect of an SEC investigation and the prospect of DOGE’s metamorphosis into “a real currency” remain, for now, parallel meme-like and humorous eventualities in the CEO’s imagination.
Musk’s previous SEC battles back in 2018 may have had real ramifications for the CEO, resulting in his removal as chairman of the Tesla board and the payment of financial penalties, but he seems unlikely to give up on his Twitter kicks just yet.