Common dog-themed meme asset Dogecoin (DOGE) is seeing a bump in worth after billionaire Elon Musk shared a Scooby-Doo meme.
On Wednesday, the enterprise magnate posted a meme of Scooby-Doo that in contrast the favored cartoon character to numerous well-known historic philosophers with the caption “Doges for the win.”
The enterprise magnate’s submit despatched DOGE flying because the memecoin went from $0.698 to $0.737, a 5.6% enhance in just some hours. It has since stabilized and is buying and selling for $0.708 at time of writing.
In keeping with Fortune Crypto, Musk’s meme induced the market cap of DOGE to spike by about $320 million, or 3%, in simply quarter-hour.
Musk, a recognized Dogecoin fan, is at present wrapped in controversy surrounding the digital asset as he’s been accused of manipulating its worth as a method of profiting.
Final 12 months, the Tesla CEO was hit with a category motion lawsuit by a gaggle of disgruntled merchants who allege that he used his Twitter account, his look on “Saturday Night time Reside,” and different strategies to inflate the worth of DOGE earlier than promoting it.
Moreover, the plaintiffs additionally declare that Musk offered lots of of hundreds of thousands of {dollars} value of the memecoin after he modified Twitter’s iconic blue chicken brand into that of Dogecoin’s Shiba Inu canine.
Nevertheless, Alex Spiro, Musk’s legal professional, says that the proof in opposition to Musk is solely circumstantial and that the billionaire was not related to the wallets that offered DOGE.
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