Introduction
Elon Musk’s tweet of a Scooby-Doo meme caused Dogecoin’s market capitalization to surge by 3% in just 15 minutes. This is not the first time Musk’s tweets have caused a significant increase in Dogecoin’s value.
The Tweet
On Wednesday afternoon, Musk tweeted a meme that featured the beloved cartoon character Scooby-Doo. The meme said, “Doges ftw [for the win].”
The Effect on Dogecoin
Within minutes of Musk’s tweet, Dogecoin’s market capitalization rose from $9.64 billion to $9.96 billion—an increase of roughly $320 million. The price of one Dogecoin also increased from about 6.9 cents to 7.1 cents.
Musk’s History of Tweeting About Dogecoin
This is not the first time Musk’s tweets have caused a significant increase in Dogecoin’s value. In February, Musk tweeted a picture of his dog, which caused Dogecoin’s value to increase by $500 million. In April, Musk changed Twitter’s logo to the Doge meme, which caused Dogecoin’s value to increase by more than 20%.
Lawsuit Against Musk
A group of Dogecoin investors has filed a class action lawsuit against Musk, alleging that he is manipulating the cryptocurrency market with his tweets. The lawsuit seeks $258 billion in damages.
Conclusion
Musk’s tweets about Dogecoin have a significant impact on the cryptocurrency’s value. It remains to be seen whether Musk will continue to tweet about Dogecoin and whether his tweets will continue to have a positive effect on the cryptocurrency’s value.
