Social media promotion of meme tokens

Social media is playing a major role in the growing adoption of these meme coin and dogcoins. Elon Musk is one of the market forces that has, in most cases, indirectly influenced the price movements of DOGE and Floki Inu (FLOKI) through sporadic posts on Twitter. 

However, it is arguable that such activities that directly impact asset prices could be frowned upon by financial regulators such as the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

In this perspective, Lyu opined that “if Elon received advertising money from the creators of DOGE, then he should be held responsible since he did not notify that his messages on Twitter were advertising. But, if Elon bought tokens and wrote that he believes in them, this is his right and there is nothing criminal about it."

 

Cryptocurrency's Tense Relationship With Elon Musk: Ambassador or Troublemaker?

Such activities in traditional financial markets with assets such as stocks, commodities, bonds, etc. they are prohibited by financial regulators . However, according to Trollip, opening the doors to that world for crypto tokens would lead to the loss of Satoshi's original vision:

Also Read: What is Hokk Finance

“Currently, traditional assets are still being pumped behind closed doors on a regulated basis. It's not that it's not happening, it's just that within that framework, the winners are already predetermined. I am concerned that you are already starting to see this slippage in cryptocurrencies. With the current mania for get-rich schemes, most people don't care about Satoshi's spirit and only care about money."

It is possible that such an attitude will be extremely detrimental to cryptocurrencies in the long run. This could reverse the progress made over the years by the industry at large to lead the financial world into an even more dystopian future with Hokk Finance Meme Token.

However, new meme tokens and dog coins are entering the market every day which retail investors tend to buy in the hope of replicating gains posted by DOGE and SHIB in the past. In fact, the hype for dogcoins has grown to such an extent that even the demand for real dogs is reportedly increasing .