On Wednesday afternoon, Twitter and Tesla CEO Elon Musk tweeted a Scooby-Doo meme with the caption “Doges ftw [for the win].”
In response, the joke cryptocurrency Dogecoin, based on the Doge meme, quickly increased in value. Within 15 minutes, Dogecoin’s market capitalization rose 3% from $9.64 billion to $9.96 billion, approximately $320 million. The price per Dogecoin went from around 6.9 cents to 7.1 cents before falling back closer to 7 cents later.
This surge in Dogecoin’s value triggered by Musk’s tweet is not the first instance where the CEO has created hundreds of thousands of dollars for the cryptocurrency with minimal effort.
Musk generated $500 million in value for Dogecoin by posting a photo of his dog in February. In April, changing Twitter’s brand to the Doge meme boosted the cryptocurrency over 20%. He has frequently referenced Dogecoin publicly, stating at a May conference that it is his favorite cryptocurrency due to its humor and dogs.
Dogecoin investors closely monitor Elon Musk’s tweets and comments. A group of buyers filed a class action lawsuit alleging his influence over the market equates to manipulation. They request $258 billion in damages.
Musk’s lawyers called the lawsuit over his “harmless, sometimes foolish tweets” a “fanciful fiction”.
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