‘Doges for the Win’ Dogecoin Leaps 3% in 15 Minutes After Elon Musk Shares Scooby-Doo Meme

Fashionable 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% improve in only a few hours. It has since stabilized and is buying and selling for $0.708 at time of writing.

In response to Fortune Crypto, Musk’s meme caused 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 worth as a method of profiting.

Final yr, 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 value of DOGE earlier than promoting it.

Moreover, the plaintiffs additionally declare that Musk bought tons of of tens of millions of {dollars} price of the memecoin after he modified Twitter’s iconic blue chicken emblem into that of Dogecoin’s Shiba Inu canine.

Nevertheless, Alex Spiro, Musk’s lawyer, says that the proof in opposition to Musk is solely circumstantial and that the billionaire was not related to the wallets that bought DOGE.

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