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Elon Musk joins Dogecoin bandwagon; steps down after being ‘elected’ its ‘CEO’

Jibin M George

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Elon Musk climbs the Dogecoin bandwagon; steps down after being 'elected' its 'CEO'
Source: Pixabay

April Fools’ Day saw the cryptocurrency community, including major crypto-projects and proponents, embracing the whimsies of the day. Elon Musk and his affair with the Dogecoin project was yet another episode in a series of popular pranks for the day. Weeks after calling Bitcoin ‘brilliant,’ the Tesla Founder was full of praise for the ‘joke currency,’ Dogecoin.

It all began after the Dogecoin project posted a poll on April Fools’ Day, asking the cryptoverse to elect its next ‘CEO.’ Elon Musk was chosen by 69% of the community, beating candidates like Vitalik Buterin, Justin Sun, and Marshall Hayner, to “lead Dogecoin into the future, while maintaining the project’s core values.”

The SpaceX Founder was quick to take in the plaudits, while also showering appreciation of the Internet’s favorite meme-worthy cryptocurrency. He tweeted,

“Dogecoin might be my favourite cryptocurrency. It’s pretty cool.”

The meme coin welcomed the results of the poll, and tweeted,

Source: Twitter

That wasn’t all! Elon Musk soon joined in on the act and updated his bio to state,

“Former CEO of Dogecoin.”

Source: Twitter

While it isn’t clear yet why Musk chose to step down as Dogecoin’s ‘CEO,’ it is speculated that Musk finally got his hands on a calendar and realized that the joke had stretched out far longer than necessary.

Either way, it would seem that Elon Musk has added another feather to his cap. Not only can he claim to be the Founder of revolutionary companies such as Tesla and SpaceX, but he can also proudly declare himself as the winner of an April Fools’ Day poll conducted by the Internet’s favorite coin.



To be fair to Musk, it isn’t a bad time to get on the Dogecoin bandwagon. The 25th ranked cryptocurrency on CoinMarketCap has risen by 25% over the last 7 days, and was valued at $0.0031, at press time. It had a healthy market cap of $376 million too. For a ‘joke currency’ with a Shiba Inu as its mascot, those are some pretty serious numbers.

Jackson Palmer, the creator of the meme coin, wasn’t away from the April Fools’ Day cheer as he jokingly suggested that he may be considering the sale of Dogecoin.com. Belated April Fools’ Day proposal or not, Elon Musk should probably give Palmer a call. Maybe he can add that to his Twitter bio too.

Source: Twitter

 





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Altcoins

FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer

Priya

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Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,



“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”





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