Dogecoin (DOGE) has been given the spotlight again due to social media mogul Elon Musk's Twitter antics which briefly showed the infamous Shiba Inu logo used for the cryptocurrency. This caused a tremendous surge in DOGE value, hitting as much as 35% in a single day. Not all investors were impressed by such a move, Bitcoin Magazine’s Head of Programs Alex McShane labeled DOGE as an unregistered security and a “shitcoin”, although his accusations did not go unnoticed by the DOGE community and co-creator Billy Markus.
Markus, also known as Shibetoshi Nakamoto, was quick to swat aside McShane’s claims, noting his memecoin was produced without any premine and was made with the intention of being a parody of cryptocurrency. In addition, Markus stated that if Dogecoin is considered a security, then Bitcoin is too. He further mocked the Bitcoin maximalist, urging him to focus his attacks elsewhere such as politician Elizabeth Warren who is known for her anti-crypto rhetoric.
It appears that many are concerned with the classification of Dogecoin as, despite DOGE being Musk-associated, the billionaire is facing a lawsuit of over $258 billion for the same exact thing. The plaintiff alleges that DOGE is a security and that advice from Musk has caused them to lose money, to which Musk's legal team have denied.
It is understandable why Musk is so keen on DOGE as his takeover of Twitter caused speculation within the DOGE community for a potential integration. Despite this, Musk does not seem to have hit the breaks and refuses to stall his promotion of the cryptocurrency despite the immense legal consequences he could face.
Scarlett Wilson
- 2023-04-04
The surge of Dogecoin Due to Elon Musk
Dogecoin (DOGE) has been the talk of the town due to Elon Musk's recent Twitter craziness. The memecoin surged 35% in a single day and it looks like the Tesla CEO is here to stay with his antics. However, there is concern that this could mean legal trouble.
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