Elon Musk is known for many things. He’s the CEO of Tesla, SpaceX, The Boring Company, and now, infamously, Twitter. He’s also known for his wild, headline-grabbing antics. And on April 1, 2023, Musk swapped out Twitter’s iconic bird logo with the Dogecoin dog for about a week. Many assumed it was Musk up to his usual nonsense.
However, the “prank” just so happened to coincide with Musk moving to dismiss a $258 billion Dogecoin lawsuit. And he might have found himself in hot water with the SEC in the process.
Elon “Dogefather” Musk replaced the Twitter logo with the Dogecoin dog while trying to get a quarter-trillion-dollar lawsuit thrown out.
In early 2021, Musk became Dogecoin’s most notable defender, spiking the price and proclaiming himself the “Dogefather” in the process. And by early May 2021, Doge briefly hit $.65, a 36,000% increase. However, the crypto’s trip to the moon was shortlived and tanked bank down under $.06 in a few months.
A year later, disgruntled Doge investors filed the $258 billion lawsuit, claiming Musk drove up the price intentionally. And Reuters reports in early April 2023, Musk’s lawyers asked a New York judge to throw the lawsuit out. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency,” Musk’s lawyers said. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
Musk’s latest antics gave the dog-themed crypto a temporary shot in the arm.
When the Twitter CEO replaced the blue bird logo with Doge’s, the cryptocurrency’s value spiked 20% in a few hours. Before the public took notice, Doge sat around $.07; hours later, it jumped to over $.10. Now that the blue bird is back where it should be, Doge tanked back down to $.08.
However, the Dogefather could have barked up the wrong tree with his latest shenanigans. The Securities Exchange Commission, especially Chairman Gary Gensler, maintains that most cryptocurrencies are securities. And according to Reuters, Musk’s actions could “help inform” the SEC on further regulations for the crypto industry.
