Elon Musk’s Tweet Causes DOGE to Soar in a Matter of Minutes
Dogecoin experienced a surge in price following a tweet from tech billionaire Elon Musk, who expressed his preference for dogs over cats. CoinMarketCap data shows that the meme coin saw a 3% gain, trading at $0.073 after Musk’s tweet. This is not the first time Musk has interacted with the cryptocurrency community, particularly regarding Dogecoin. His fondness for the coin has even led to a class-action lawsuit from Dogecoin investors accusing him of insider trading and market manipulation. In the ongoing $258 billion lawsuit, investors claim that Musk deliberately manipulated Dogecoin’s price to short the value of the asset. They allege he used Twitter posts, paid influencers, and his appearance on “Saturday Night Live” to boost the coin’s value. Recently, a court filing accused Musk of defrauding investors while promoting Dogecoin and accused him and his lawyer of using “unlawful” strategies to discredit the plaintiffs’ lawyer. Despite the legal action, Musk continues to promote Dogecoin whenever he can. Currently, DOGE is trading at $0.06895, down 1.66% in the past 24 hours, with a trading volume of $486,366,694.