Elon Musk Takes A Stab At SEC After X Account Hack Via A Dogecoin Meme — Jokes 'LFGDogeToTheMoon' Was Regulator's Password
Portfolio Pulse from Mehab Qureshi
Elon Musk humorously responded to the SEC's Twitter account hack with a Dogecoin meme, joking that 'LFGDogeToTheMoon' was the SEC's password. The SEC's account had erroneously tweeted approval of Bitcoin ETFs, which was later corrected. Musk's comment comes after a period of silence on Dogecoin, and despite his statement in December that he doesn't spend much time thinking about cryptocurrencies. Dogecoin's price was slightly down at the time of reporting.
January 10, 2024 | 2:55 am
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NEUTRAL IMPACT
The SEC's hacked Twitter account falsely claimed approval of Bitcoin ETFs, which was corrected. This misinformation could have caused temporary confusion among investors, but the SEC's clarification likely mitigated any significant impact.
The SEC's quick response to correct the false information about Bitcoin ETFs likely prevented any major short-term impact on Bitcoin's price. The incident highlights the importance of official communications in the crypto market.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 60
NEUTRAL IMPACT
Elon Musk's humorous engagement with the SEC's Twitter hack incident involved a Dogecoin meme, which could draw attention to Dogecoin. However, his influence on the cryptocurrency's price has waned, and he has expressed a lack of focus on cryptocurrencies.
While Elon Musk's tweets have historically influenced Dogecoin's price, his recent disengagement from cryptocurrency discussions and the minor price movement of DOGE suggest that his latest tweet may not have a significant short-term impact on its price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 70