- Elon Musk Posts Scooby-Doo Meme – On Wednesday, billionaire Elon Musk posted a meme of Scooby-Doo that compared the popular cartoon character to various famous historical philosophers with the caption “Doges for the win.”
- Dogecoin Price Jumps – The post sent DOGE flying as the memecoin went from $0.698 to $0.737, a 5.6% increase in just a few hours.
- Class Action Lawsuit Against Musk – Last year, the Tesla CEO was hit with a class action lawsuit by a group of disgruntled traders who allege that he used his Twitter account, his appearance on “Saturday Night Live,” and other methods to inflate the price of DOGE before selling it.
Elon Musk Posts Scooby-Doo Meme
On Wednesday, billionaire Elon Musk shared a meme of Scooby-Doo that compared the popular cartoon character to various famous historical philosophers with the caption “Doges for the win.” The business magnate’s post caused Dogecoin (DOGE) to surge as its price rose from $0.698 to $0.737 in just a few hours – equivalent to an increase of 5.6%. According to Fortune Crypto, this jump caused DOGE’s market cap to spike by about $320 million or 3% within 15 minutes.
Dogecoin’s Popularity With Elon Musk
Musk has been an avid fan of Dogecoin and is currently facing controversy surrounding its manipulation by him for personal gain. A group of disgruntled traders filed a class action lawsuit against him last year claiming that he used his Twitter account, appearance on “Saturday Night Live” and other methods to inflate its price before selling it off himself – cashing out hundreds of millions worth in profits after changing Twitter’s iconic blue bird logo into Dogecoin’s Shiba Inu dog logo. However, Alex Spiro – Musk’s attorney – says that there is no definite evidence connecting Musk with these actions and claims all allegations are circumstantial at best.
Impact on Dogecoin Price After Elon’s Tweet
Following Elon’s tweet regarding Dogecoin, its prices have since stabilized and are trading at $0.708 at time of writing; however its market cap has spiked significantly since then due largely in part due to his involvement with it over recent years as well as this most recent meme posting incident which pushed up its prices significantly even if only temporarily so far.