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Elon Musk’s Dogecoin Reign: Challenging Ethereum Amidst SEC Scrutiny with a Bullish Surge

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    • Tech titan and well-known “Dogefather,” Elon Musk, responds favorably to a tweet by Twitter’s founder, Jack Dorsey, centered around Ethereum.
    • In light of Dorsey’s tweet, Musk, a fervent Dogecoin supporter and cryptocurrency aficionado, seizes the moment to endorse his beloved meme coin.

In a fresh turn of events, Elon Musk, tech magnate and self-proclaimed “Dogefather,” demonstrated an optimistic stance on a tweet by Twitter founder Jack Dorsey regarding Ethereum. This interaction takes place amidst heated debates on the potential classification of certain cryptocurrencies as securities, following the U.S. Securities and Exchange Commission’s (SEC) recent propensity to designate popular assets as such.

Known for his keen interest in Dogecoin and general enthusiasm for cryptocurrencies, Musk seized the chance to rally behind his favorite meme coin in response to Dorsey’s tweet. This transpired during a time of increased SEC scrutiny on cryptocurrency enterprises and their digital assets.

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The crypto community’s discourse intensified with high-profile figures stepping into the arena, following the SEC’s charges against Binance and claims that Coinbase had been operating without registration since 2019 while classifying numerous crypto assets as securities.

While some industry insiders engaged in the legal aspects of these matters, others assessed them from a business standpoint.

Following the news of the SEC’s lawsuit against Coinbase, Pierre Rochard, the vice president of Riot Platforms, drew attention to a 2015 tweet by Coinbase CEO Brian Armstrong. Armstrong’s tweet suggested a focus on Bitcoin and sidechains, dismissing Ripple, Stellar, and Altcoins as distractions. Rochard echoed this sentiment and even proposed that Coinbase should concentrate solely on Bitcoin. His views received a nod from Dorsey, who acknowledged agreement with the “100” emoji.

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Joining the discourse, Musk diverged from Bitcoin and Coinbase debates, choosing to advocate for Dogecoin instead. His succinct reply, “Doge ftw,” reiterated his preference for Dogecoin.

Musk, a Bitcoin supporter with his electric vehicle company Tesla holding Bitcoin in its portfolio and previously accepting it as payment, has always demonstrated a stronger inclination towards Dogecoin. His endorsements have significantly propelled the meme coin’s popularity. This includes altering Twitter’s logo to Dogecoin’s Shiba Inu dog, an act cited in a recent amendment of a lawsuit accusing him of insider trading and price manipulation of Dogecoin, seeking $258 billion in damages.

Despite Musk’s recent Dogecoin-focused tweet, the ongoing SEC lawsuits against major crypto exchanges have dampened the coin’s price rally. Yet, Dogecoin has been steadily recouping its value since trading at $0.06821 on Tuesday. Latest data from CoinMarketCap reveal a 4.50% increase in the meme coin’s price, trading positively at $0.06956, with a 24-hour trading volume of roughly $427 million as of 11:30 p.m. ET on Tuesday.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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