Elon Musk Dogecoin-Twitter stunt reminiscent of Tesla-Bitcoin hype from 2021; another crash incoming?

Elon Musk has made a name in the crypto space over the last two years for being a prominent supporter of Dogecoin. Ever since then, any move in regards to DOGE has resulted in a rally in the meme coin’s price. This pattern is beginning to irk some users even as the meme token is on the rise.

Dogecoin price rallies thanks to Elon Musk

Dogecoin price was recently on the rise after Elon Musk decided to change the logo of his latest acquisition Twitter to the famous dog. While DOGE enthusiasts hailed this move, crypto enthusiasts considered it to be a blatant manipulation of the cryptocurrency’s price. Popular analyst Chris Blec took to Twitter to express his disappointment with the logo change, stating,

Another Twitterati suggested Blec take action against Elon’s move and stop paying for the blue tick subscription and stop using Twitter altogether. Users even took a jibe at Elon Musk for changing the logo asking him to live up to his promise of resigning.

However, what’s interesting is that this is not the first time Musk has done something so controversial in the crypto space.

Elon repeats his controversial behavior

Back in early 2021, when Bitcoin began soaring to sky highs, Elon Musk was said to be the reason, as the Tesla executive was heavily acquiring BTC at the time. But soon after, when Elon suspended the option to buy Tesla vehicles using Bitcoin, the cryptocurrency crashed, bringing down the entire market with it.

Not only this, but the Twitter owner has also dabbled with controversy in the stock market. Back in 2018, Elon Musk, in a tweet, stated that he would take Tesla private once the share price reached a value of $420.

This did not sit well with the Securities and Exchange Commission (SEC), which charged the Tesla chief with fraud. The regulatory body noted in its complaint,

“Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact.”

Elon Musk eventually settled with the SEC, but in a recent lawsuit regarding the same case, the Twitter owner told the jurors that he was serious about his statement. He even went on to add that Saudi Arabia’s sovereign wealth fund was in support of making it happen.

In another instance from May 2020, the Tesla co-founder caused the crash of his own company’s stock after tweeting that the automotive company’s stock price was “too high”. TSLA fell soon after from a trading price of $760 to $717, crashing by nearly 12%.

Thus if Elon Musk pulls another such stunt with Dogecoin, it would not be very surprising. However, DOGE investors and enthusiasts might want to brace for an impact should anything go wrong.