Popular dog-themed meme asset Dogecoin (DOGE) is seeing a bump in price after billionaire Elon Musk shared a Scooby-Doo meme.
On Wednesday, the business magnate posted a meme of Scooby-Doo that compared the popular cartoon character to various famous historical philosophers with the caption “Doges for the win.”
The business magnate’s post sent DOGE flying as the memecoin went from $0.698 to $0.737, a 5.6% increase in just a few hours. It has since stabilized and is trading for $0.708 at time of writing.
According to Fortune Crypto, Musk’s meme caused the market cap of DOGE to spike by about $320 million, or 3%, in just 15 minutes.
Musk, a known Dogecoin fan, is currently wrapped in controversy surrounding the digital asset as he’s been accused of manipulating its price as a means of profiting.
Last year, the Tesla CEO was hit with a class action lawsuit by a group of disgruntled traders who allege that he used his Twitter account, his appearance on “Saturday Night Live,” and other methods to inflate the price of DOGE before selling it.
Furthermore, the plaintiffs also claim that Musk sold hundreds of millions of dollars worth of the memecoin after he changed Twitter’s iconic blue bird logo into that of Dogecoin’s Shiba Inu dog.
However, Alex Spiro, Musk’s attorney, says that the evidence against Musk is purely circumstantial and that the billionaire was not associated with the wallets that sold DOGE.
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