Rumors of a possible investigation by the US Securities and Exchange Commission into the alleged influence of Elon Musk, CEO of Tesla, on the price movements of Dogecoin (DOGE) spread on social media last day – a phenomenon that Twitter users joked about “Peak 2021”.
Despite Musk’s previous clashes with the Securities and Exchange Commission, the CEO doesn’t seem concerned about the prospect of very real legal ramifications for his predilection for cryptocurrency memes. Musk’s professed love of “dogs and memes” led him to keep posting funny memes on Dogecoin when he recently performed DOGE’s “on the actual moon” mantra.
While the ape trader’s standard terminology for price movements in the stratosphere can therefore be interpreted as a form of confirmation, Musk has publicly stated that despite all his love for the MIM cryptocurrency, he is biased towards Bitcoin. (BTC) in relation to personal and strategic strategies. Business investment. That didn’t stop the CEO’s cynical tweet from providing some serious fuel for the volatility of the meme coin market – Dogecoin Christmas 2020 is just one example.
Musk’s seemingly real impact on the price movements of the two cryptocurrencies makes it nearly impossible to reveal the popular funny shilling meme, given its massive social media followers. Legal advisers previously expressed the view that the CEO may already be under SEC oversight after his documented influence over Bitcoin price movements this year.
Both the prospect of an SEC investigation and DOGE’s potential to turn into “real money” remain a mismatch with the funny contingency in the CEO’s mind for now. Musk’s previous battles with the SEC in 2018 may have had real ramifications for the CEO, leading him to step down from his position as chairman of the Tesla board of directors and pay fines. However, it is unlikely that he will step down from his position. So far he has kicked him on Twitter.