Elon Musk could be under investigation for blowing Dogecoin prices

Before a series of posts related to Dogecoin, Elon Musk could be investigated by the US Securities and Exchange Commission.

For the crypto market, Elon Musk is always a special character with great influence. However, after a series of articles related to Dogecoin on Twitter, Musk is becoming the target of investigation by several US regulators.

In the past, the US Securities and Exchange Commission (SEC) had to track boss Tesla’s online activity over concerns that tweets could affect stock prices and market stability. According to financial services company sources First SquawkThe latest SEC investigation will continue.

“I hope they will. This is great, ”Musk responded with a tweet on Feb. 25. In an interview with BloombergMusk said he disrespects the SEC, but will comply with all legal issues if required.

Elon Musk as a target for investigating him 1

After the February 24 post, Dogecoin’s value saw a spike in value. Photo: Twitter.

When asked by one of 48 million followers on Twitter why he mentioned Dogecoin, Musk shared that he is a lover of dogs and memes.

Over time, Musk frequently mentioned Dogecoin. The last time, on February 24, he posted a picture of Shiba in a space suit holding a Dogecoin flag on the Moon. The price of this currency fluctuates instantly. In the past, Elon Musk changed his personal Twitter profile to “CEO of Dogecoin”.

However, in a Q&A on the Clubhouse app, Musk said that his posts were “just a joke” and “ironically fate”. Musk also revealed that he had bought Dogecoin for his child, Lil X, since early February.

Not only Dogecoin, Bitcoin’s volatility has a special link to Musk’s moves as well.

“Although Musk’s comments do influence cryptocurrencies, this is fundamentally short-term. We don’t believe one person can have a lasting effect on Bitcoin. This has been proven many times in the past, ”shared Philippe Bekhazi, senior leader of Stablehouse electronics platform. Independent.

Follow Zing / The Independent

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