“Elon Musk’s Tweet Sparks Surge in Dogecoin’s Value, Raises Legal Concerns”
- Shams Ul Zoha
- July 20, 2023
- 2:59 pm
WHAT YOU SHOULD KNOW
- Elon Musk’s tweet featuring a meme of Scooby-Doo with the caption “Doges ftw” caused a rapid 3% increase in Dogecoin’s market capitalization, adding around $320 million to its value in just 15 minutes.
- This is not the first time Musk’s tweets have significantly affected Dogecoin’s value. Previous instances, such as posting a picture of his dog and changing Twitter’s logo to the Doge meme, also led to substantial valuation boosts.
- Despite Musk’s fondness for Dogecoin and his praise for its humor and dog-themed origins, his influence has led to legal consequences.
Elon Musk, the CEO of Tesla Inc., once again demonstrated his ability to impact the value of Dogecoin through a single tweet. Musk shared a meme featuring Scooby-Doo with the caption “Doges ftw,” leading to a rapid surge in Dogecoin’s valuation. Within just 15 minutes, the cryptocurrency’s market capitalization increased by 3%, adding around $320 million to its value, reaching $9.96 billion.
This is not the first time Musk’s tweets have had a significant impact on Dogecoin’s value. In previous instances, such as posting a picture of his dog and changing Twitter’s logo to the Doge meme, he caused substantial increases in the cryptocurrency’s valuation. Despite his fondness for Dogecoin and its humorous nature, Musk’s tweets have also brought legal repercussions. A group of Dogecoin investors filed a class action lawsuit against Musk, seeking $258 billion in damages, alleging his tweets and comments amount to market manipulation.
Musk’s lawyers have dismissed the lawsuit, referring to his tweets as “innocuous and often silly,” while calling the lawsuit a “fanciful work of fiction.” Despite legal challenges, Musk’s influence over Dogecoin remains evident, and his preference for the cryptocurrency due to its humor and dog-themed origins has been widely known.
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