Elon Musk, the eccentric internet entrepreneur and head of Twitter, may have succeeded in slightly increasing the price of his preferred Dogecoin once more. Since Musk stated on Friday that there is a chance the cage match between him and Mark Zuckerberg would take place in the Colosseum, DOGE has been trading in the green.
DOGE price goes up — “Elon Musk effect” working again?
DOGE gained more than 4% on Friday. Dogecoin is now being traded for $0.06808. DOGE’s price increased by 5.76% earlier today, but it is currently starting to fall.
In response to a tweet by a user named “DogeDesigner,” who claimed to be a UX/UI & Graphic Designer at Dogecoin and had shared a meme featuring a dog, Elon Musk wrote, “Dogs rock.”
There was even a unique phrase used in the media a few years ago when Musk’s tweets frequently had the power to increase the price of DOGE: “The Elon Musk effect.” When Tesla briefly accepted Bitcoin as payment in 2021, it not only helped DOGE prices but also Bitcoin’s price. Back then, a lot of attorneys and market analysts began to accuse Musk of manipulating the market (not just for cryptocurrency, but also for stocks). The CEO of Tesla then retaliated, calling the claims “peak hypocrisy.”
The impact on cryptocurrency values, however, appears to have diminished over the previous several years.
In relation to the cage match versus Zuckerberg, Musk tweeted earlier this week that he has trained with Lex Fridman, a well-known podcaster, AI researcher, and martial arts specialist. Musk was hailed for his strength, power, and talent “on feet and on the ground.” He finds it encouraging that Musk and Zuckerberg are martial arts practitioners, but he would rather that they merely learn the craft and not compete with one another in it.
DOGE investors sue Elon Musk
A new class action lawsuit against Elon Musk has been filed, as reported by U.Today earlier this week. The lawsuit claims that Musk caused many investors to lose billions of dollars when he inflated the price of DOGE and then sold his shares when the price of the meme currency hit its peak.
Evan Spencer of Evan Spencer Law is now the plaintiff in the action.
