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Widespread dog-themed meme asset Dogecoin (DOGE) is seeing a bump in value 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 only a few 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 precipitated the market cap of DOGE to spike by about $320 million, or 3%, in simply quarter-hour.
Musk, a identified Dogecoin fan, is presently wrapped in controversy surrounding the digital asset as he’s been accused of manipulating its value as a method of profiting.
Final yr, the Tesla CEO was hit with a category motion lawsuit by a bunch of disgruntled merchants who allege that he used his Twitter account, his look on “Saturday Evening Dwell,” and different strategies to inflate the worth of DOGE earlier than promoting it.
Moreover, the plaintiffs additionally declare that Musk bought a whole bunch of hundreds of thousands of {dollars} price of the memecoin after he modified Twitter’s iconic blue hen emblem into that of Dogecoin’s Shiba Inu canine.
Nonetheless, Alex Spiro, Musk’s lawyer, says that the proof towards Musk is only circumstantial and that the billionaire was not related to the wallets that bought DOGE.
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