Woof. Issues aren’t trying nice this afternoon for the favored cryptocurrency Dogecoin (CCC:DOGE). With rumors swirling that the U.S. Securities and Trade Fee is investigating Elon Musk over his public assist, DOGE is falling. So what do you’ll want to know? And what does this imply for Dogecoin worth predictions?
Here’s a fast recap. Elon Musk is the CEO of big corporations like SpaceX and Tesla (NASDAQ:TSLA). He’s additionally an enormous supporter of cryptocurrencies, together with meme-worthy Dogecoin. In current weeks he has used Twitter (NYSE:TWTR) to share his assist and create memes with different celebrities like Gene Simmons and Snoop Dogg. Simply yesterday, an replace to his Twitter bio and a declaration that DOGE was headed for the moon created a 20%.
Sadly, these tweets could also be taking DOGE on a flip for the more severe.
Zero Hedge, a monetary weblog that rose to prominence within the wake of the 2008 disaster, tweeted in the present day that the SEC is investigating Musk for his tweets on Dogecoin. The message from Zero Hedge merely cites sources acquainted with the matter.
SEC IS SAID TO INVESTIGATE TESLA CHIEF EXECUTIVE MUSK FOR HIS TWEETS ON DOGECOIN: SOURCES FAMILIAR WITH THE MATTER
— zerohedge (@zerohedge) February 25, 2021
Proper now, that’s all we have now to go on in regards to the story. Nonetheless, the tweet is doing its trick. On the time of writing, DOGE costs had been down 8% during the last 24 hours.
Dogecoin Value Predictions: What Comes Subsequent?
So what does this imply for Dogecoin? And is there any advantage to such an investigation?
Some social media customers had been fast to level out that cryptocurrencies are designed to have safety from such regulatory businesses. Nonetheless, Musk is an advanced determine. We all know that he has bought DOGE on behalf of his youngest son, X Æ A-Xii. We additionally know that his tweets have been massively influential in Dogecoin worth predictions, resulting in a number of remoted rallies within the DOGE worth. And lastly, we all know that Musk is not any stranger to SEC regulators. Earlier tweets in regards to the worth of Tesla inventory have landed him in scorching water.
Preserve an in depth eye on these rumors, and anticipate additional affirmation. And in case you are a giant believer in Musk, cross your fingers and hope he tweets out his subsequent daring, bullish message.
On the date of publication, Sarah Smith didn’t have (both immediately or not directly) any positions within the securities talked about on this article.
Sarah Smith is a Internet Content material Producer with InvestorPlace.com.