This Thursday afternoon (25) the news portal First Squawk told its more than 140,000 followers on Twitter that the United States Securities and Exchange Commission (SEC) is investigating billionaire Elon Musk for his tweets about Dogecoin (DOGE).
According to First Squawk, the information was revealed by a source with knowledge of the case.
As is well known, Musk's frequent tweets about Dogecoin have a big impact on cryptocurrency price movements.
Once, as CriptoFácil reported, Tesla's CEO even recommended that investors sell DOGE. He said the reason was to “avoid centralization”:
On another occasion, Dogecoin jumped 40% in an hour after receiving support from Elon Musk on Twitter.
Bitcoin was no different. After the billionaire included the name of the cryptocurrency in his description on Twitter, the price of BTC jumped more than 20%.
In this regard, some experts have even said that Musk's tweets have “devastating consequences” for retail investors.
DOGE impacts
Although it is still an unconfirmed rumor, it is worth mentioning that, on another occasion, the SEC also accused Musk of defrauding securities.
At the time, he wrote a controversial tweet about "guaranteed funding" involving Tesla. The regulator said the executive gave false and misleading information and manipulated the stock's value.
After the SEC filed a lawsuit against the billionaire, Tesla's shares fell 13%.
Whether it's a rumor or a truth, the alleged investigation may already be impacting Dogecoin's price. In the last 24 hours, the cryptocurrency has already dropped 8.5% and is trading around $ 0.052.
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