‘Doges FTW’: Elon Musk’s Scooby-Doo Meme Skyrockets Dogecoin Value, Gains $320M
Elon Musk, the CEO of Tesla Inc., has once again caused a significant surge in the valuation of Dogecoin with a single tweet. Musk, known for his fondness for memes and dogs, recently tweeted a meme featuring the cartoon character Scooby-Doo with the caption “Doges ftw [for the win].” This tweet led to a rapid increase in the value of Dogecoin, a cryptocurrency based on the Doge meme. Within just 15 minutes, the market capitalization of Dogecoin rose by 3%, equivalent to about $320 million.
This is not the first time Musk’s tweets have had a significant impact on the value of Dogecoin. In February, he created a $500 million increase in valuation for the coin with a picture of his dog, and in April, he changed Twitter’s logo to the Doge meme, resulting in a more than 20% increase in the cryptocurrency’s value.
Musk has openly expressed his fondness for Dogecoin, claiming it is his favorite cryptocurrency because of its humor and dog-related theme. However, his influence over Dogecoin has also resulted in legal issues. A group of Dogecoin investors filed a class action lawsuit demanding $258 billion in damages from Musk, alleging that his tweets and comments about the token amount to market manipulation. Musk’s lawyers have dismissed the suit as “a fanciful work of fiction” given the nature of his “innocuous and often silly tweets.”
Musk’s ability to impact the value of cryptocurrencies through his tweets highlights the power of social media and celebrity influence in the financial markets. With just a few words, Musk can cause significant volatility and speculation in the cryptocurrency market. However, this can also lead to legal consequences and potential accusations of market manipulation, as seen in the case of the Dogecoin investors’ lawsuit.
Overall, Musk’s recent tweet once again showcases his ability to influence the cryptocurrency market and demonstrates the potential legal implications that may arise from such influence.