Elon Musk, the renowned entrepreneur and tech mogul, once again stirred the crypto world as he tweeted a humorous Scooby-Doo dog meme, causing a rapid surge in the price of Dogecoin. Within just 15 minutes of posting the tweet, Dogecoin’s capitalization shot up by a staggering 720 million USD.
In his tweet, Musk playfully referred to the victory of Dogecoin, sharing the meme featuring the views of philosopher Socrates and Immanuel Kant, alongside the beloved cartoon character, Scooby-Doo. The tweet went viral, amassing 31 million views, nearly 500,000 likes, and 11,000 comments, demonstrating Musk’s immense influence on social media.
The impact of this meme did not stop at engagement alone, as it had a significant effect on the value of Dogecoin. The cryptocurrency’s price surged from 0.067 to 0.724 USD per coin, contributing to its overall capitalization jumping from 9.38 billion USD to an impressive 10.1 billion USD.
This is not the first time Elon Musk has caused a “dance” in Dogecoin’s price. Back in February, a simple tweet featuring an image of a dog sent the cryptocurrency’s value soaring by more than $500 million. Similarly, in April, when he playfully changed the Twitter logo to a Doge, the value of Dogecoin skyrocketed by over 20%.
Musk’s fondness for Dogecoin is no secret, as he has often mentioned the cryptocurrency during media events and interviews, expressing his appreciation for its humorous and dog-themed nature. His public support has undeniably become an indispensable factor in the history of Dogecoin’s development, with each tweet of his leading to substantial increases in its value.
However, Musk’s love for Dogecoin has not been without controversy. In April, a group of investors filed a lawsuit alleging that Musk manipulated the price of Dogecoin through his Twitter influence, causing them to suffer significant financial losses. The lawsuit claims that he intentionally inflated the value of the meme coin by a staggering 36,000% in just two years, only to let it plummet later.
Adding to the legal woes, in June 2022, investor Keith Johnson filed a lawsuit in Manhattan court accusing Musk and his companies, SpaceX and Tesla, of operating a multi-level model to deceive and lure people into investing in Dogecoin. The lawsuit seeks a substantial $258 billion in damages.
Despite the controversies surrounding Dogecoin, it’s essential to remember the cryptocurrency’s origins. Initially created as a playful joke by Billy Markus and Jackson Palmer to satirize the 2013 Bitcoin craze, Dogecoin was inspired by the internet-famous Doge meme, featuring a Shiba dog with a bewildered expression. Based on Litecoin, Dogecoin stands out for its fast mining speed and lack of limitations compared to Bitcoin.
Elon Musk’s involvement with Dogecoin has undoubtedly had a significant impact on its journey, propelling it from a meme-based cryptocurrency to a prominent player in the digital asset market. As the crypto world continues to evolve, Musk’s tweets will likely remain a fascinating and influential factor in the exciting realm of cryptocurrencies.