Elon Musk has promoted Dogecoin despite the ongoing assault on exchanges and the SEC’s classification of some cryptocurrencies as securities.
Elon Musk, the CEO of Twitter, has just promoted his favored digital currency Dogecoin (DOGE) to his more than 142,3 million Twitter followers. Pierre Rochard, the vice president of research at Riot Blockchain, initiated a discussion to which Elon Musk, the industry’s most prominent proponent of the first memecoin, contributed.
Rochard shared a screenshot of a 2015 statement by Coinbase CEO Brian Armstrong, in which he advocated a complete concentration on Bitcoin (BTC) and dismissed other emerging cryptocurrencies such as XRP, Stellar (XLM), and other altcoins as distractions.
The reminder from Rochard appears to be in response to the recent flurry of securities designations by the United States Securities and Exchange Commission (SEC) on the industry’s largest altcoins, including Cardano (ADA) and Solana (SOL).
Several industry executives, including Twitter’s co-founder Jack Dorsey, appear to agree with the thesis that Bitcoin should be the focus of attention. Elon Musk joined the conversation by tweeting; The phrase “Doge ftw” translates literally to “Dogecoin for the win.”
— jack (@jack) June 6, 2023
While Dogecoin’s reputation as the first memecoin remains untarnished, sentiments surrounding new entrants such as PEPE are rising, as evidenced by a questionnaire created by Gemini as part of a conversation to gauge the community’s opinion on the two tokens.
Possible Price Response to Elon Musk and Dogecoin Support
With Elon Musk openly promoting Dogecoin as the preferred token to withstand the current regulatory assault, all eyes are now on the memecoin to determine whether or not its price will respond accordingly.
As a result of the SEC’s lawsuit against Binance, Dogecoin joined the broader market downtrend. Although related tweets from Musk have historically caused a rapid price increase, the asset is presently trading at $0.06821, a decrease of 4.52% over the past 24 hours.
While the SEC has not included Dogecoin on its list of tokens it considers securities, widespread pessimism in the industry has kept its price relatively low at the time of writing.
