Elon Musk’s Tweet Sparks 4% Surge in Dogecoin (DOGE)
Despite the recent surge in price, a lawsuit has now been filed against Musk by Dogecoin investors. They accuse him of insider trading related to Dogecoin. This accusation stems from Musk’s consistent public support and promotion of the meme coin, which has had a significant impact on its value. Musk’s tweets, acquisition of Twitter, and the replacement of the Twitter logo with the Dogecoin symbol have all contributed to driving up the price of DOGE.
The surge in Dogecoin’s price follows a recent tweet by Musk, although it has since dropped slightly. CoinMarketCap data shows that DOGE’s price increased from a 24-hour low of $0.06774 to a high of $0.07121. At the time of writing, it is trading at $0.07008, with a 3.3% increase.
However, despite Musk’s involvement and the positive effects on Dogecoin’s value, speculation regarding the integration of DOGE into Twitter remains unconfirmed.
Overall, while Dogecoin has experienced a surge in price following Musk’s tweet, the recent lawsuit accuses him of insider trading. This shines a spotlight on the relationship between Musk and Dogecoin, which has been a topic of interest in the cryptocurrency community.