The post DOGE Gains After Musk Meme—Manipulation or Coincidence? appeared on BitcoinEthereumNews.com.

Elon Musk’s recent tweet on DOGE led to a temporal price surge for the meme coin, forcing some crypto enthusiasts to question his intentions. Dogecoin’s rally was short-lived as the asset took a nosedive to below $0.4; however, an analyst anticipates a run to $0.82. Tesla’s Elon Musk has come under suspicion after his recent DOGE-centric post, which changed the downward trend of the dog-themed meme coin to bullish ways. According to reports, his post on November 25 with the caption “DOGE is inevitable” could directly refer to the Department of Government Efficiency (D.O.G.E.). However, DOGE recorded a sharp surge within the period. For a section of the crypto community, these are more deliberate than coincidence. On October 28, Musk also posted a captionless image featuring himself and a DOGE-like being. Immediately, the price of Dogecoin surged by 14%. At that time, Dogecoin was trading below $0.2. Fascinatingly, the asset built on this momentum to reach a monthly high of $0.477. Meanwhile, Musk’s latest tweet failed to propel the price beyond its recent high, as it took a nosedive to hit $0.39. On the daily price chart, DOGE has declined by 7%. Musk and the Court About two years ago, a group of investors “dragged” Musk to court for allegedly manipulating the price of DOGE for his gain, demanding a whopping $258 billion in damages. Analyzing the court’s document, we discovered that the investors believed that Musk manipulated the price through a series of social media posts, which included frequent tweets and his appearance at NBC’s Saturday Night Live. The plaintiff, Keith Johnson, wrote in the initial legal filing that: Defendant Musk is the self-appointed ‘Dogefather,’ ‘former CEO of Dogecoin,’ partner, developer, spokesperson, publicist, salesman, marketer, and promoter of Dogecoin — who assembled the ‘Doge Army’ including his corporations and…

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Filed under: News - @ November 26, 2024 6:22 pm