Elon Musk's Viral Scooby-Doo Meme Sends DOGE Surging 5.6% - Controversy Surrounds Allegations

Popular dog-themed meme asset Dogecoin (DOGE) is seeing a bump in price after billionaire Elon Musk shared a Scooby-Doo meme.

Introduction:
Elon Musk, the renowned business magnate and avid Dogecoin enthusiast, made waves on Wednesday with a viral Scooby-Doo meme. The meme playfully likened the beloved cartoon character to famous historical philosophers and was accompanied by the caption "Doges for the win." However, amidst the meme's popularity, controversy brews as Musk faces accusations of manipulating DOGE's price for personal gain.

DOGE Price Surge:
Musk's meme triggered a remarkable surge in DOGE's value, propelling the memecoin from $0.698 to $0.737 in just a few hours—an impressive 5.6% increase. Although the price has since stabilized, DOGE is currently trading at $0.708 at the time of writing.

Fortune Crypto's Report:
Fortune Crypto's analysis reveals that Musk's meme swiftly boosted DOGE's market cap by around $320 million, constituting a 3% spike in a mere 15-minute timeframe.

Controversy and Accusations:
Musk finds himself entangled in controversy concerning the digital asset, with accusations of price manipulation. A group of discontented traders filed a class action lawsuit against the Tesla CEO, asserting that he leveraged his Twitter account and even his appearance on "Saturday Night Live" to artificially inflate DOGE's price before selling.

Allegations of Massive Sales:
Additionally, the plaintiffs claim that Musk sold hundreds of millions of dollars worth of DOGE after making conspicuous changes to Twitter's iconic blue bird logo, adopting the likeness of Dogecoin's Shiba Inu dog.

Defense by Musk's Attorney:
Alex Spiro, Musk's attorney, strongly counters the allegations, maintaining that the evidence presented against the billionaire is purely circumstantial. Spiro denies any association between Musk and the wallets implicated in DOGE sales.

As the situation unfolds, Elon Musk's impact on the cryptocurrency market remains a topic of interest, with the controversy shedding light on the broader dynamics of digital assets and social media influence. The ongoing developments surrounding the case will undoubtedly captivate investors and crypto enthusiasts alike.

Jul 21, 2023