Earlier today, a Twitter user by the handle @elon Musk dropped a bombshell by accidentally endorsing a new cryptocurrency called ‘Baby Doge Coin’ that had recently received a big spike in price. While his direct endorsement was seen as a signal of intention by many, the real story was who exactly he was talking about.
There is yet another cryptocurrency that has been making a buzz lately and it is called “Baby Doge Coin” or “B-DOGE”. First announced in late 2014, this cryptocurrency is now valued at around $3.3 million. The reason behind this sudden rise is because of one rather unexpected person. Last week, in a tweet, Twitter’s CEO, Jack Dorsey mentioned the cryptocurrency. This tweet made B-DOGE jump by almost 100%. It is now trading at $0.065 per coin.
The cryptocurrency Dogecoin (DOGE) has been in the news recently after a tweet from Tesla and SpaceX CEO Elon Musk got the community excited. Musk commented “Wow, Dogecoin is getting out of hand… Getting a little concerned about the level of hype” and later the price of Dogecoin soared by over 100%.. Read more about elon musk dogecoin tweet and let us know what you think.Elon Musk spoke out on Twitter about the recently launched Baby Doge Coin token, which led to a price spike.
Similarly, Mr Musk previously tweeted Free the Doge! accompanied by a meme from the movie The Godfather. The Dogecoin price responded by drawing a large hourly green candle.
Baby Doge, duh, duh, duh, Baby Doge, duh, duh, duh, duh, duh, duh, duh.
– Elon Musk (@elonmusk) July 1, 2021
At this point, it is clear that Musk is not worried about the potential threat of SEC charges related to alleged manipulation of the crypto currency markets. However, it’s time to admit that cryptocurrency has a big problem related to Elon Musk.
Baby Doge tips on
If you thought the dog meme craze was starting to wane, you were wrong. Baby Doge launched last month and joined a sea of other dog-inspired crypto-currency projects fighting the original.
Doge’s father, Elon Musk, kicked things off by tweeting about baby Doge in the context of a folk rhyme.
As a result, the price of BABYDOGE jumped 80% to $0.0000001642, after which it continued to rise throughout the day.
Source : coingecko.com
In response to Musk’s tweet, the Baby Doge team responded by saying: We love you, Elon! Then another equally sycophantic post appeared on Twitter, this time about Elon warming himself up to join Baby Doge.
I’d break a leg to work with you, Elon pic.twitter.com/zcQErQ7xoz
– Baby Doge Coin (@BabyDogeCoin) July 1, 2021
Musk is no stranger to the business of the SEC. In 2018, he and Tesla paid $40 million to settle allegations of stock fraud. The US regulator also forced Musk to resign as Tesla chairman and demanded that Tesla review all of its public communications.
The controversy arose after Musk said on Twitter that he would take Tesla public at a price well above its current share price. Although the exact terms of the transaction were not disclosed and the event was subject to a shareholder vote, the SEC ruled that its action violated securities laws.
Today, the SEC also accused Tesla of not having the necessary controls and procedures in place to make Musk’s tweets public, a charge Tesla agreed to.
However, the situation is escalating as the SEC claims that Tesla did not stop Musk from tweeting about banned topics, including production volumes and solar roof sales figures.
Tesla has stated that they have no clarification from the SEC on what will not be addressed. Cryptocurrencies don’t have the same strict framework as traditional markets, meaning there are many more areas open to interpretation.
Economist Nouriel Roubini and Fox Business presenter Stuart Varney have accused Musk of manipulating crypto currency markets with his tweets.
Roubini called this behavior irresponsible and criminal. The question is why the SEC did not act at that time.
Yankun Guo, a partner at Goldstein & McClintock who specializes in securities law, says it’s unclear whether Musk is manipulating the markets. Goh added that, unlike other figures brought to the SEC’s attention in this regard, Musk has not received money from any project to increase his price.
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On Friday, the cryptocurrency publication Coindesk posted a story titled “Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies jump after CEO Elon Musk tweets about new crypto that’s ‘not a coin’”. In an effort to indicate that Musk’s cryptocurrency the “not a coin” was perhaps the dogecoin, Redditors picked up on the coin’s movement and began a mini-flood of tweets with the hashtag #notaDogecoin.. Read more about how to buy dogecoin and let us know what you think.
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