Elon Musk Shills Dogecoin as SEC Designates Top Cryptos as Securities

Twitter CEO Elon Musk has just shilled his favorite digital currency Dogecoin (DOGE) to his more than 142.3 million followers on the social media platform. Elon Musk who is known as the biggest advocate of the industry’s first memecoin joined a conversation that was brought to the fore by Pierre Rochard, the VP of Research at Riot Blockchain.

Rochard shared a screenshot of a statement from Coinbase CEO, Brian Armstrong from far back in 2015 when he advocated a complete focus on Bitcoin (BTC) as he believed that other emerging cryptocurrencies at the time including XRP, Stellar (XLM) and other altcoins were distractions.

The reminder from Rochard appears to stem from the recent spate of securities designation by the United States Securities and Exchange Commission (SEC) on some of the industry’s biggest altcoins including Cardano (ADA) and Solana (SOL). With the conversation now gaining steam, a number of industry leaders including Twitter Founder, Jack Dorsey appears to concur on the thesis to focus on Bitcoin.

Joining the conversation, Elon Musk tweeted simply saying;

“Doge ftw,” a statement that simply translates to Dogecoin for the win.

Doge ftw

— Elon Musk (@elonmusk) June 6, 2023

While the recognition of Dogecoin as the first memecoin is not eroded, sentiments surrounding new arrivals like PEPE are growing as showcased in a poll created by Gemini as part of the conversation to sample the sentiment of the community on the two tokens.

Elon Musk and Dogecoin Support: Potential Price Reaction

With Elon Musk visibly shilling Dogecoin as the favorite token to withstand the current regulatory onslaught, all eyes are now fixed on the memecoin to see whether or not its price will react in tandem.

Dogecoin joined the broader market downtrend following the news of the SEC suing Binance. Though related tweets from Musk are historically known to fuel a rapid rally in the price of the asset, it is currently trading at a price of $0.06821, down by 4.52% over the past 24 hours. 

While the SEC has not named Dogecoin among the list of tokens it considers as securities, the broader gloom in the industry is dampening sentiments and as such, has kept the altcoin’s price generally low at the time of writing.