The post Elon Musk’s Latest Meme Post Raises Questions About His Influence on Dogecoin Value appeared on BitcoinEthereumNews.com.

Elon Musk’s recent social media activity has reignited discussions regarding his influence on Dogecoin (DOGE), as a new meme briefly boosted the coin’s value. While Musk insists his posts were not intended as price manipulation, critics argue that the creation of the D.O.G.E. agency provides him with plausible deniability amid ongoing scrutiny. In light of a dropped class-action lawsuit that accused Musk of fraud, observers are left questioning the ethical implications of his social media engagement with cryptocurrency. Elon Musk’s latest meme sparked a brief surge in Dogecoin’s value, reigniting debates about his influence and the ethics of social media in crypto trading. Elon Musk and DOGE: A Complex Relationship The connection between Dogecoin (DOGE) and billionaire Elon Musk‘s social media presence has become increasingly evident. Just today, a meme featuring Doge coincided with a brief spike in the coin’s trading volume, despite Musk’s post being aimed at his newly announced Department of Government Efficiency (D.O.G.E.). This raises pointed questions about the legitimacy and intent behind his online activity. DOGE Price Performance. Source: COINOTAG While the price increase was brief, the pattern between Musk’s posts and Dogecoin’s market behavior is undeniable. Speculation about whether Musk intentionally seeks to influence DOGE has emerged, especially given previous incidents where his commentary has led to similar spikes. The most recent incident, however, highlights Musk’s ambivalence. His recent engagements have referenced the political project rather than directly tying his claims to the cryptocurrency. If the intention was to uplift the meme coin, it appears the effect was fleeting, with the price returning to previous levels shortly after. Controversies and Legal Challenges The backdrop to this ongoing saga includes a dropped class-action lawsuit that accused Musk of using his platform to manipulate Dogecoin prices since 2021. Allegations of insider trading and fraud have reinforced the…

---

Filed under: News - @ November 26, 2024 4:25 am