Elon Musk’s Dogecoin tweet sparks social media frenzy
Musk said he is “willing to serve” D.O.G.E. – shorthand for Dogecoin.
Tesla and SpaceX CEO Elon Musk made yet another cryptic allusion to Dogecoin on Monday evening, causing the price of the coin to jump by 3.56% percent. Musk’s cryptocurrency of choice, Dogecoin, has a market capitalization of more than $15.3 billion, according to CoinMarketCap, and in the past, Musk has regularly pumped the coin on social media despite litigation from Dogecoin investors.
In Monday’s post, Musk said he was “willing to serve” the Department of Government Efficiency, known as D.O.G.E. – a shorthand for Dogecoin.
The post has received 52 million views at the time of writing, and also propelled the price of Dogecoin to rise. Its current value is $0.11 per coin.
The price of Dogecoin has regularly spiked after Musk’s tweets about the popular meme coin, but Dogecoin investors are not shy about castigating the tech tycoon for the excessive influence he wields on crypto markets and prices. Not long ago, the billionaire was sued by Dogecoin investors claiming he was taking part in “transparent cryptocurrency market manipulation.”
Musk’s legal team has characterized his previous Dogecoin tweets as "innocuous and often silly Tweets” – but Dogecoin investors claim the references put regular investors at a significant disadvantage.
"There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency," Musk's lawyers have said in the past.
While Musk has been silent on Dogecoin in recent months, the recent return to Dogecoin references – even in an apparently jocular post – hint that the billionaire may ramp up his mentions of Dogecoin in the future.
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