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Elon Musk added the Dogecoin (DOGE) symbol “Ð” in his Twitter profile’s location, which was followed by an increase in the meme cryptocurrency’s price by more than 5% and to the highest in two months. The Tesla CEO impacted Dogecoin’s price several times in the past through Twitter and public appearances.
Dogecoin rose 5% to a new 2-month high after Elon Musk included the DOGE symbol in his Twitter profile’s location. At the time of writing, the price of DOGE stood at $0.075, the highest since May 2023.
The move comes as Twitter rebranded to X on Monday, shortly after Musk bid goodbye to the social media platform’s famous blue bird logo. In addition, the company is also getting rid of “tweets” and plans to rename the posts to “x’s.” The tech mogul bought Twitter in October 2022 for $44 billion.
DOGE gained around 7% over the past week and remains by far the world’s largest meme coin, with a market cap of over $10.53 billion.
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Musk’s announcements fueled a new surge in interest in Dogecoin, Musk’s favorite cryptocurrency. DOGE was already on an upward trajectory since last week when electric vehicle (EV) maker Tesla removed Bitcoin (BTC) from the source code on its payment page while keeping the meme coin. Given Tesla’s previous ties to both cryptocurrencies, the action reignited speculation in the Dogecoin community.
This is not the first time Musk’s actions have moved crypto prices, particularly regarding DOGE. On January 28, 2021, the Tesla boss posted a mock-up Vogue magazine cover, renaming it to “Dogue.” The post lifted the meme coin’s price by 682% in two days. Similarly, a month later, Musk said that Dogecoin is “the people’s crypto,” leading to a price increase of over 40%.
Two years after those tweets, a group of investors filed a class-action lawsuit against Musk, accusing him of insider trading. In the complaint, investors alleged that Musk manipulated DOGE’s price, costing them billions of dollars.
According to the lawsuit, the tech entrepreneur allegedly used his Twitter presence, paid online influencers, and 2021 appearance on Saturday Night Live to trade profitably at their expense through multiple Dogecoin wallets controlled by himself or Tesla. One such occasion is when Musk sold $124 million worth of DOGE in April 2023 after he replaced Twitter’s blue bird logo with the Shiba Inu dog logo, causing a 30% jump in DOGE’s price.
Do you think the DOGE lawsuit against Musk holds any real footing? Let us know in the comments below.