Elon Musk’s Meme Boosts DOGE Price
Elon Musk, billionaire and owner of platform X, recently shared a meme featuring a shiba inu, the symbol of Dogecoin (DOGE). Although the meme directly referred to his "Department of Government Efficiency" (DOGE), Dogecoin’s price experienced a brief surge.
This event has reignited speculation about whether Musk is intentionally influencing DOGE’s value through his social media posts. A recent class-action lawsuit accused Musk of manipulating the cryptocurrency's price.
Is Musk Linked to Dogecoin’s Price Surge?
A clear correlation exists between Elon Musk’s social media activity and Dogecoin’s price movements. When Musk posted the Doge-themed meme, the cryptocurrency’s price temporarily increased.
Although the meme focused on his political project, DOGE’s value rose, even if the surge was short-lived. This raises the question: is Musk deliberately trying to boost Dogecoin’s price?
In the past, Musk has directly referenced DOGE multiple times, leading to price increases. For example, in September, his tweets about DOGE contributed to the cryptocurrency’s growth.
Lawsuit Against Musk for DOGE Manipulation
It remains unclear whether Musk intentionally aims to influence DOGE’s price with his posts. His recent references to Dogecoin were tied to a political project rather than the cryptocurrency itself. Even if he aimed to boost DOGE’s value, the effect was short-lived, with prices returning to normal within hours.
Last week, a class-action lawsuit accusing Musk of manipulating DOGE’s price since 2021 was dropped. Investors had alleged that Musk used his social media influence to affect the market and accused him of fraud and insider trading.
Hidden Intent or Innocent Humor?
Musk is well-known for his love of memes, and Dogecoin may simply be one of his favorite themes without any intention of market manipulation. The Doge meme has existed since 2013 and can function independently of the cryptocurrency or any agency.
Some commentators, such as X user “Sir Doge of the Coin,” suggested that Musk may have named his “Department of Government Efficiency” as DOGE to give himself a reason to use the term without being accused of manipulation.
Regardless of whether Musk is signaling to DOGE traders, his true intentions remain unprovable.
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