- Elon Musk recently changed the Twitter logo to the Dogecoin logo of the Shiba Inu dog.
- The crypto industry was visibly upset as many considered the logo change Musk’s attempt at manipulating a price rise for DOGE.
- The Twitter owner is potentially repeating his behavior from 2018, which landed him fin trouble with the SEC.
Elon Musk has made a name in the crypto space over the last two years for being a prominent supporter of Dogecoin. Ever since then, any move in regards to DOGE has resulted in a rally in the meme coin’s price. This pattern is beginning to irk some users even as the meme token is on the rise.
Dogecoin price rallies thanks to Elon Musk
Dogecoin price was recently on the rise after Elon Musk decided to change the logo of his latest acquisition Twitter to the famous dog. While DOGE enthusiasts hailed this move, crypto enthusiasts considered it to be a blatant manipulation of the cryptocurrency’s price. Popular analyst Chris Blec took to Twitter to express his disappointment with the logo change, stating,
Please @elonmusk please get this fucking doge dog off my screen, I pay for this shit
— Chris Blec (@ChrisBlec) April 4, 2023
Another Twitterati suggested Blec take action against Elon’s move and stop paying for the blue tick subscription and stop using Twitter altogether. Users even took a jibe at Elon Musk for changing the logo asking him to live up to his promise of resigning.
What about you resigning as promised?
— LeGate (@williamlegate) April 3, 2023
What about verified accounts getting ad revenue as promised?
However, what’s interesting is that this is not the first time Musk has done something so controversial in the crypto space.
Elon repeats his controversial behavior
Back in early 2021, when Bitcoin began soaring to sky highs, Elon Musk was said to be the reason, as the Tesla executive was heavily acquiring BTC at the time. But soon after, when Elon suspended the option to buy Tesla vehicles using Bitcoin, the cryptocurrency crashed, bringing down the entire market with it.
Not only this, but the Twitter owner has also dabbled with controversy in the stock market. Back in 2018, Elon Musk, in a tweet, stated that he would take Tesla private once the share price reached a value of $420.
This did not sit well with the Securities and Exchange Commission (SEC), which charged the Tesla chief with fraud. The regulatory body noted in its complaint,
“Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact.”
Elon Musk eventually settled with the SEC, but in a recent lawsuit regarding the same case, the Twitter owner told the jurors that he was serious about his statement. He even went on to add that Saudi Arabia’s sovereign wealth fund was in support of making it happen.
In another instance from May 2020, the Tesla co-founder caused the crash of his own company’s stock after tweeting that the automotive company’s stock price was “too high”. TSLA fell soon after from a trading price of $760 to $717, crashing by nearly 12%.
Thus if Elon Musk pulls another such stunt with Dogecoin, it would not be very surprising. However, DOGE investors and enthusiasts might want to brace for an impact should anything go wrong.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.