Dogecoin Skyrockets by $320M After Elon Musk’s Scooby-Doo Meme
Elon Musk, the founder of SpaceX and Tesla, has once again caused a surge in the value of Dogecoin, a cryptocurrency named after the popular meme featuring a Shiba Inu dog. Musk posted a meme featuring the cartoon character Scooby-Doo on Twitter, with the caption “Doges ftw.” This tweet led to a rapid 3% increase in the market valuation of Dogecoin, adding approximately $320 million to its value in just 15 minutes.
Musk’s tweets and comments about Dogecoin have repeatedly influenced its value. In May, he declared Dogecoin as his favorite cryptocurrency due to its humor and dog-themed branding. Musk has referenced Dogecoin in various comments and interviews, creating significant market movements for the token. For example, when he posted a picture of his own dog in February, the value of Dogecoin increased by $500 million. Even small changes, such as Musk switching Twitter’s logo to the doge meme, have resulted in over 20% jumps in cryptocurrency value.
Traders of Dogecoin closely monitor Musk’s Twitter and public comments, as his influence can lead to rapid market manipulation. In fact, some Dogecoin investors have even filed a lawsuit against Musk, seeking $258 billion in damages. Musk’s lawyers have dismissed the lawsuit as a “fanciful work of fiction,” arguing that his tweets are innocuous and silly.
Musk’s influence over cryptocurrency markets is quite remarkable, demonstrating the power of social media in shaping financial markets. His affinity for memes and dogs, combined with his large following on Twitter, has made him a significant player in the world of cryptocurrencies. Going forward, investors and traders will likely continue to watch Musk’s tweets and comments with bated breath, knowing that a single post can have a considerable impact on the value of Dogecoin and potentially other cryptocurrencies as well.