- Tech billionaire Elon Musk, also known as the “Dogefather,” responded optimistically to a tweet by Jack Dorsey, the founder of Twitter, regarding Ethereum
- Musk, an advocate of Dogecoin and a Cryptocurrency enthusiast, took the opportunity to promote his favorite meme coin in response to Dorsey’s tweet.
Tech billionaire Elon Musk, also known as the “Dogefather,” responded optimistically to a tweet by Jack Dorsey, the founder of Twitter, regarding Ethereum. This happened amidst ongoing discussions about whether certain cryptocurrencies should be classified as securities, following recent actions by the U.S. Securities and Exchange Commission (SEC) in labeling popular assets as such.
Musk, an advocate of Dogecoin and a Cryptocurrency enthusiast, took the opportunity to promote his favorite meme coin in response to Dorsey’s tweet. This occurred during a period when the SEC appeared to be increasing its scrutiny of cryptocurrency businesses and digital assets.
Following the SEC’s filing of charges against Binance and the accusation that Coinbase has been operating as an unregistered entity since 2019 while categorizing multiple crypto assets as securities, discussions within the crypto community, involving high-profile figures, became more intense.
While some individuals discussed the legal aspects of these issues, others approached them from a business perspective.
Shortly after news broke about the SEC’s lawsuit against Coinbase, Pierre Rochard, the vice president of Riot Platforms, shared a screenshot of a tweet from Coinbase CEO Brian Armstrong in 2015. In the tweet, Armstrong stated that Ripple, Stellar, and Altcoins are distractions and that the focus should be on Bitcoin and sidechains. Rochard, who is also associated with Catholic Bitcoin, agreed with Armstrong’s viewpoint and even suggested that Coinbase should redirect its focus to Bitcoin.
Dorsey noticed Rochard’s tweet and expressed support by responding with the “100” emoji, indicating his agreement.
Musk joined the conversation and instead of expressing his thoughts on Bitcoin or Coinbase, he simply promoted Dogecoin. His response to the tweet consisted of just two words, “Doge ftw,” emphasizing his preference for Dogecoin.
It is worth noting that while Musk is a fan of Bitcoin and Tesla, his electric vehicle company, holds Bitcoin in its portfolio and previously accepted it as payment for merchandise. However, Musk’s enthusiasm for Dogecoin surpasses his interest in Bitcoin, and his tweets and actions have significantly boosted the popularity of the meme coin.
In fact, Musk’s past endorsements of Dogecoin, including changing the logo of Twitter to the Shiba Inu dog (the mascot of Dogecoin), have been cited in a recent amendment of a lawsuit accusing him of insider trading and manipulating the price of the meme coin, which seeks $258 billion in damages.
However, Musk’s recent tweet about Dogecoin did not have a substantial impact on its price surge, as sentiments were dampened by the SEC lawsuits against major crypto exchanges.
Nevertheless, Dogecoin has gradually regained its value since trading at $0.06821 on Tuesday.
According to the latest data from CoinMarketCap, the meme coin, which was initially created as a humorous concept, experienced a 4.50% increase in price. It was trading positively at $0.06956 and had a 24-hour trading volume of approximately $427 million as of 11:30 p.m. ET on Tuesday.