The founder of SpaceX and Tesla, Elon Musk, posted a meme featuring the cartoon character Scooby-doo on Wednesday with the caption “Doges ftw(For The Win),” quickly jumped in the valuation of the token, as per Fortune’s report.
Elon Musk is known for his fondness for memes and Dogs, and when he combines the two in a single tweet, people often consider it support to “Doge,” relating to the cryptocurrency named Dogecoin.
This tweet led to a rapid surge in the price of Dogecoin.
In just 15 minutes, the market valuation of Dogecoin rose by 3% (about $320 million) from $9.64 billion to $9.96 billion.
This is not the first time Musk’s tweets have affected the value of Dogecoin. At a conference in May, he said that this coin is his favorite because it has “the best humor” and “it has dogs.” And has referenced Dogecoin in many comments and interviews.
He created $500 million in value for the coin when he posted a picture of his dog in February.
When he switched Twitter’s logo from a blue bird to the doge meme, the value of cryptocurrency was up, by more than 20%.
Dogecoin traders watch Elon Musk’s Twitter and public comments with bated breath to the point that coin’s investors have filed a lawsuit against the Billionaire.
Elon Musk has such great influence in the market because of his tweets and comments about the token, which sometimes lead to market manipulation about the token amount.
Musk’s lawyers have called the lawsuit, which seeks $258 billion in damages, “a fanciful work of fiction” over the CEO’s “innocuous and often silly tweets.”
Also Read: Elon Musk & Tesla Respond To Dogecoin Plaintiffs Lawyer
