Elon Musk makes Dogecoin price rise again
"Victory for Doge," Musk wrote on Twitter late on July 19 with a meme with the views of the philosopher Socrates, Immanuel Kant and an image of the famous cartoon character Scooby-Doo. The tweet currently has 31 million views, nearly 500,000 likes, and 11,000 comments.
The photo also caused the Dogecoin digital currency to bounce from 0.067 to 0.724 USD per coin, helping the cryptocurrency's capitalization increase by 720 million USD, from 9.38 billion USD to 10.1 billion USD.
This is not the first time Musk has caused the price of Dogecoin to "dance". In February, a tweet from him with an image of a dog helped raise the cryptocurrency by more than $500 million. In April, he switched the Twitter logo to a Doge, causing the value of the cryptocurrency to skyrocket by more than 20%.
The American billionaire also repeatedly mentioned Dogecoin in media events or interviews. In May, he said he liked the cryptocurrency because it was "very funny and has pictures of dogs".
In April, Musk was sued by a group of investors, accusing him of using his influence on Twitter to cause fluctuations in the price of Dogecoin, causing them to lose billions of dollars. The team claims that Musk intentionally inflated the price of the meme coin by 36,000% in two years, then let it free-fall.
On June 2022, investor Keith Johnson also filed a lawsuit in Manhattan court, claiming that Musk and his two companies, SpaceX and Tesla, created a multi-level model to trick many people into investing in Dogecoin. Johnson claims $258 billion in damages.
Dogecoin is a cryptocurrency created as a joke by experts Billy Markus and Jackson Palmer to critique the 2013 Bitcoin craze. It was inspired by the Doge meme, a Shiba dog with a bewildered face. This coin is based on Litecoin, has a fast mining speed compared to other cryptocurrencies and is not limited like Bitcoin.
In the history of Dogecoin development, Musk is one of the indispensable factors because he has publicly supported this coin many times. After each of his tweets, Dogecoin always increases from tens to hundreds of times.
The photo also caused the Dogecoin digital currency to bounce from 0.067 to 0.724 USD per coin, helping the cryptocurrency's capitalization increase by 720 million USD, from 9.38 billion USD to 10.1 billion USD.
This is not the first time Musk has caused the price of Dogecoin to "dance". In February, a tweet from him with an image of a dog helped raise the cryptocurrency by more than $500 million. In April, he switched the Twitter logo to a Doge, causing the value of the cryptocurrency to skyrocket by more than 20%.
The American billionaire also repeatedly mentioned Dogecoin in media events or interviews. In May, he said he liked the cryptocurrency because it was "very funny and has pictures of dogs".
In April, Musk was sued by a group of investors, accusing him of using his influence on Twitter to cause fluctuations in the price of Dogecoin, causing them to lose billions of dollars. The team claims that Musk intentionally inflated the price of the meme coin by 36,000% in two years, then let it free-fall.
On June 2022, investor Keith Johnson also filed a lawsuit in Manhattan court, claiming that Musk and his two companies, SpaceX and Tesla, created a multi-level model to trick many people into investing in Dogecoin. Johnson claims $258 billion in damages.
Dogecoin is a cryptocurrency created as a joke by experts Billy Markus and Jackson Palmer to critique the 2013 Bitcoin craze. It was inspired by the Doge meme, a Shiba dog with a bewildered face. This coin is based on Litecoin, has a fast mining speed compared to other cryptocurrencies and is not limited like Bitcoin.
In the history of Dogecoin development, Musk is one of the indispensable factors because he has publicly supported this coin many times. After each of his tweets, Dogecoin always increases from tens to hundreds of times.
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