Did It Manipulate Prices Again?
Billionaire and X owner Elon Musk posted a meme today depicting Doge. Meme asset Dogecoin also briefly rose despite his direct reference to the Ministry of Government Efficiency.
Is Musk deliberately trying to boost DOGE with these seemingly unrelated tweets? The recent class action lawsuit against him directly addresses this possibility.
Elon Musk and DOGE
Today, there is clearly a clear correlation between the two. Dogecoin (DOGE), a famous meme coinand the social media activity of billionaire Elon Musk. Early on, DOGE was on the decline until he posted a dog-centric article meme.
This emoticon directly quotes Musk’s Department of Government Effectiveness (DOGE)but the value of the coin still increases.
this DOGE price rise proves short-livedbut there is still a clear correlation. An obvious question arises: Is Musk deliberately trying to boost DOGE?
recent timesThe meme coin’s value increased following Musk’s social media posts. In September, he explicitly posted about DOGE, which also Uncorrelated crypto assets added.
Ultimately, it’s impossible to understand exactly what Musk’s post was about. Recently, all of Musk’s Governor-related statements have mentioned political projects rather than crypto assets. If he tried to increase the value of the memecoin, he was not very successful: the increase flattened out and dropped again within a few hours.
However, there is another plausible explanation for this behavior. Last week, Dogecoin investors Class action lawsuit against Elon Musk dropped About this exact question. These investors have accused Musk of deliberately manipulating the price of DOGE since 2021, alleging fraud and insider trading.
“Elon Musk actually named a government department ‘Doge’ so he could always post about it again without getting in trouble,” X account “Sir Doge of the Coin” explain.
Musk is a recorded Meme lovers, who may have an appreciation for the Governor independent of the property or institution. After all, the underlying meme has existed Since 2013, it is possible to exist outside of both environments.
However, if Musk is accused of illegally manipulating the price of Dogecoin through his posts, the DOGE name may be an easy solution. By naming the agency this way, Musk could reasonably deny that he was not talking about crypto assets at all. Whether or not Musk sent a signal to DOGE traders, it’s unclear what his actual intentions were.
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