Popular dog-themed meme asset Dogecoin (DOGE) is seeing a price hike after billionaire Elon Musk shared a Scooby-Doo meme.
The business magnate came on Wednesday Posted a Scooby-Doo meme that compared the popular cartoon character to several famous historical philosophers with the caption “Doges for the win.”
The business tycoon’s post sent DOGE flying as the memecoin went from $0.698 to $0.737, up 5.6% in just a few hours. It has since stabilized and is trading at $0.708 at the time of writing.
According to Fortune Crypto, Musk’s meme causes DOGE’s market cap is up about $320 million, or 3%, in just 15 minutes.
Musk, a known Dogecoin fan, is currently embroiled in controversy surrounding the digital asset as he has been accused of manipulating the price to make a profit.
Last year, Tesla’s CEO was hit with a class action lawsuit by a group of disgruntled traders who claimed he used his Twitter account, his appearance on “Saturday Night Live” and other methods to drive up the price of DOGE before selling it.
In addition, the plaintiffs also allege that Musk sold hundreds of millions of dollars worth of memecoin after changing Twitter’s iconic blue bird logo to that of Dogecoin’s Shiba Inu dog.
However, Alex Spiro, Musk’s attorney, says the evidence against Musk is purely circumstantial and that the billionaire was not linked to the wallets selling DOGE.
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Image generated: Midway through the journey