Once again, Elon Musk, CEO of Tesla Inc., caused a significant surge in Dogecoin’s valuation with a single tweet, reports Fortune.
The Power of a Tweet: Musk, known for his fondness for memes and dogs, on Wednesday, tweeted a meme featuring the cartoon character Scooby-Doo with the caption “Doges ftw [for the win].”
This led to a rapid increase in the value of Dogecoin (CRYPTO: DOGE), a cryptocurrency based on the Doge meme. In just 15 minutes, the market capitalization of Dogecoin rose by 3% (about $320 million) from $9.64 billion to $9.96 billion.
Musk’s Influence on Dogecoin: This is not the first time Musk’s tweets have significantly impacted the value of Dogecoin. In February, he created $500 million bump in valuation for the coin with a picture of his dog. In April, he changed Twitter’s logo to the Doge meme, causing a more than 20% increase in the cryptocurrency’s value.
Musk has often publicly expressed his fondness for Dogecoin, stating at a conference in May that it is his favorite cryptocurrency because it has “the best humor” and “it has dogs.”
Legal Implications: However, Musk’s influence over Dogecoin has also led to 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” over his “innocuous and often silly tweets.”
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