Dogecoin Soars 3% in Just 15 Minutes Following Elon Musk’s Scooby-Doo Meme
Elon Musk’s recent Scooby-Doo meme featuring the popular cartoon character compared to historical philosophers has caused a surge in the price of Dogecoin (DOGE). Musk’s post led to a 5.6% increase in the price of DOGE within hours, with a market cap spike of approximately $320 million. However, Musk has faced accusations of market manipulation and profiting from the digital asset. Last year, he was hit with a class action lawsuit claiming that he used his Twitter account and other methods to inflate DOGE’s price before selling it. The plaintiffs also alleged that Musk sold hundreds of millions of dollars worth of DOGE after changing Twitter’s logo to Dogecoin’s Shiba Inu dog. However, Musk’s attorney argues that the evidence against him is circumstantial and that he was not associated with the wallets that sold DOGE. As of now, DOGE’s price has stabilized and is trading at $0.708.
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