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Dogecoin added $320 million in 15 minutes after Elon Musk posted a Scooby-Doo meme

Elon Musk’s tweet featuring a Scooby-Doo meme caused Dogecoin to add $320 million in just 15 minutes. Dogecoin is a cryptocurrency based on the popular Doge meme.

Dogecoin, a joke cryptocurrency based on the Doge meme, quickly jumped in value.

In just 15 minutes, the market capitalization for the memecoin rose 3%, from $9.64 billion to $9.96 billion—roughly $320 million.

And the price of one Dogecoin went from about 6.9 cents to 7.1 cents.

(The price had fallen back closer to 7 cents at the time of publication.)

Group of the token’s investors filed a class action lawsuit against the billionaire, Why ?

Dogecoin traders watch Elon Musk’s Twitter and public comments with such bated breath that a group of the token’s investors filed a class action lawsuit against the billionaire,

alleging that the world’s wealthiest human has such a sway over the market that his tweets and comments in reference to the token are akin to market manipulation.

Lawyers for Musk have called the suit, which asks for $258 billion in damages, “a fanciful work of fiction” over the CEO’s “innocuous and often silly tweets.”

how has Elon Musk’s tweets affected Dogecoin in the past

Elon Musk’s tweets have had a significant impact on Dogecoin in the past.

Here are some examples :

  • In April 2023, Elon Musk changed his Twitter logo to a Shiba Inu dog, which is often associated with Dogecoin.
  • The price of Dogecoin spiked by about 30% after the logo change.
  • In June 2023, Elon Musk tweeted about Dogecoin, causing its price to shoot up by 57% in just five hours.
  • In October 2022, Dogecoin surged more than 35% as Elon Musk’s deal to buy Twitter approached a close.
  • Musk’s tweets about Twitter and his plans for the platform also caused Dogecoin to surge more than 70%.
  • In November 2022, Elon Musk tweeted an image of a Scooby-Doo meme, causing Dogecoin to rally over 25%.

These events demonstrate the influence that Elon Musk has on the value of Dogecoin and the cryptocurrency market as a whole.

how quickly does Dogecoin’s price typically respond to Elon Musk’s tweets

The response time of Dogecoin’s price to Elon Musk’s tweets can vary, but there have been instances where the price has reacted quickly.

Here are some examples :

  • In June 2023, Elon Musk’s tweet caused Dogecoin’s price to shoot up by 57% in just five hours.
  • In October 2022, as Elon Musk’s deal to buy Twitter approached a close, Dogecoin surged more than 35%.
  • In November 2022, Elon Musk tweeted an image of a meme, resulting in Dogecoin rallying over 25%.
  • In July 2020, after Musk’s tweet about Dogecoin, its price rose by around 14%.
  • In January 2022, Musk’s comment on Twitter about Dogecoin’s potential edge over other cryptocurrencies and a meme post caused the price of Dogecoin to surge.
  • In March 2022, Dogecoin jumped 7% after Musk tweeted that he is not selling his crypto holdings.

These examples demonstrate that Dogecoin’s price can respond quickly to Elon Musk’s tweets,

with significant price movements occurring within hours or even minutes.

However, it’s important to note that the response time can vary depending on various factors,

including market conditions and the content of Musk’s tweets.

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