Dogecoin Sees $320 Million Surge in 15 Minutes After Elon Musk Shares Scooby-Doo Meme
Elon Musk, the CEO of Tesla and Twitter, has once again caused a surge in the value of Dogecoin with a single tweet. Musk, known for his love of memes and dogs, tweeted a meme featuring Scooby-Doo with the caption “Doges ftw.” Following this tweet, the market cap of Dogecoin rose by 3% in just 15 minutes, increasing its value by roughly $320 million. The price of one Dogecoin went from about 6.9 cents to 7.1 cents.
This is not the first time Musk’s tweets have had a significant impact on Dogecoin. He previously created $500 million in value for the cryptocurrency when he posted a picture of his dog in February. In April, he changed Twitter’s logo to the Doge meme, resulting in a more than 20% increase in Dogecoin’s value. Musk has also mentioned Dogecoin numerous times in public comments and interviews, stating that it is his favorite cryptocurrency due to its humor and dog-related themes.
Musk’s influence over Dogecoin has led to some investors filing a class action lawsuit against him, claiming that his tweets and comments manipulate the market. However, Musk’s lawyers have dismissed the lawsuit as a “fanciful work of fiction,” emphasizing that his tweets are harmless and often silly.
Musk’s ability to affect the value of Dogecoin with a single tweet highlights the power of social media in the cryptocurrency market. Traders closely monitor Musk’s Twitter and public comments, eager to capitalize on any potential price movements. While some see Musk’s influence as market manipulation, others view it as part of the unpredictable and volatile nature of cryptocurrencies.
Overall, Musk’s affinity for memes, dogs, and Dogecoin continues to make headlines and generate significant value for the cryptocurrency. His actions and statements are closely watched by investors and cryptocurrency enthusiasts alike, eagerly awaiting the next move that could potentially impact the market.