Elon Musk’s Scooby-Doo Meme Surges Dogecoin’s Value by $320 Million in Record Time
Elon Musk’s tweets about Dogecoin have once again resulted in a significant increase in the cryptocurrency’s value. In a recent tweet, Musk shared a meme featuring Scooby-Doo and mentioned “Doges ftw.” This caused Dogecoin’s market capitalization to rise by 3% in just 15 minutes, equivalent to around $320 million. The price of one Dogecoin also saw an increase from 6.9 cents to 7.1 cents.
This is not the first time Musk’s tweets have caused a surge in Dogecoin’s value. In February, he posted a picture of his dog, resulting in a $500 million increase in the cryptocurrency’s value. Similarly, in April, he changed Twitter’s logo to the Doge meme, leading to a more than 20% increase in Dogecoin.
Musk’s fascination with Dogecoin has attracted a dedicated following of traders who closely monitor his Twitter and public comments. In fact, a group of Dogecoin investors filed a class-action lawsuit against Musk, accusing him of market manipulation due to his influence over the cryptocurrency’s value. The lawsuit seeks $258 billion in damages.
Musk has not taken the lawsuit seriously, with his lawyers dismissing it as “a fanciful work of fiction” and emphasizing that his tweets are often meant in a lighthearted and silly manner.
Dogecoin, originally created as a joke cryptocurrency, has gained significant attention and popularity due to Musk’s endorsement. Musk finds the coin amusing because of its humorous nature and the fact that it features dogs, which is why he frequently references it in public comments and interviews.
Musk’s ability to generate such substantial market movements with just a few tweets has highlighted the power that influential individuals like him can have in the cryptocurrency market. Whether it is intentional market manipulation or simply playful banter, Musk’s tweets continue to be closely watched and greatly impact the value of Dogecoin.
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