Elon Musk tried to pump the trade price of Dogecoin (Doge) but it seems that he failed to do that. Does it mean that his influence on top crypto meme tokens is over?
Elon Musk is a popular richest personality in the world. He is mainly known for his innovative ideas & revolutionary projects. He is the owner of giant electric vehicle manufacturing company Tesla, Neuralink, Space rocket company SpaceX, and X (formerly Twitter). In 2020, Musk jumped in support of Dogecoin & within 1 year the trade price of Dogecoin surged nearly 300 fold under the influence of Musk.
Musk usually talks about Dogecoin via his X (formerly Twitter) account.
On 11 Feb 2024, Musk tweeted that he loves puppies. Indirectly he said that he loves Dogecoin.
Because of his tweet, the trade price of Doge surged nearly 2.2% and again retraced the normal trade price within a couple of hours.
In 2021, Musk’s single tweet was able to pump the trade price of Dogecoin by nearly 10% minimum but current fluctuations are showing that his influence has been over for the meme token lovers.
Earlier this year, the Tesla CEO succeeded in pumping the trade price of Dogecoin rapidly with the help of his pet Dog picture as the CEO of his X company.
Under the billion-dollar Dogecoin lawsuit, Elon Musk was accused of insider trading. According to a few people, Musk sold nearly $124 million worth of Dogecoin in the past.
As per reports, Musk replaced X firm’s logo with the Dogecoin logo & successfully pumped it to 30% only for personal benefits.
It seems the Dogecoin Lawsuit is over because, after mid-2023, no news came to the public domain regarding this case.
In 2023, Musk said in the court hearing that he talks about Dogecoin because people want him to talk on this matter and also said that he loves dogs, so posting pictures regarding pet animals on social media doesn’t mean that he manipulates the trade price of any crypto token.