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Dogecoin Up 5.76% as Elon Musk Issues New "Dogs" Tweet

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Sat, 1/07/2023 - 8:16
Dogecoin Up 5.76% as Elon Musk Issues New "Dogs" Tweet
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Twitter boss, eccentric tech billionaire Elon Musk may have again managed to push the price of his favorite Dogecoin up a little. DOGE has been trading in the green since Friday, when Musk announced that there are chances that the cage fight between him and Mark Zuckerberg will take place in Colosseum.

DOGE price goes up — "Elon Musk effect" working again?

On Friday, DOGE was more than 4% up. Now, Dogecoin is changing hands at $0.06808. Earlier today, DOGE jumped by 5.76% but the price has begun to decline by now.

Elon Musk tweeted "Dogs rock" in response to a tweet by a user "DogeDesigner" (a UX/UI & Graphic Designer at Dogecoin, according to the Twitter bio), where he posted a meme with a puppy.

A few years ago, when Musk's tweets often were able to push the DOGE price up, there was even a special term mentioned in the media — "The Elon Musk effect." It worked not only for DOGE but for Bitcoin's price as well back in 2021 when Tesla made BTC a payment option for a short while. Many lawyers and market experts back then started to accuse Musk of manipulating the market (not only crypto but stock as well). Tesla boss then responded that he believes these accusations to be "peak hypocrisy."

But over the past couple of years, this effect seems to have dwindled, making a tiny effect on crypto prices.

Regarding the cage fight against Zuckerberg, earlier this week, Musk tweeted that he had had a training session with Lex Fridman, a famous podcaster, AI researcher and an expert in martial arts. He praised Musk's strength, power and skill both "on feet and on the ground." He believes the fact that Musk and Zuckerberg are practicing martial arts to be inspiring, however, he would prefer them only to study martial arts and not practice them against each other.

Related

DOGE investors sue Elon Musk

As covered by U.Today earlier this week, a new class action has been filed against Elon Musk, claiming that he made a lot of investors lose billions of USD after Musk had hyped the price of DOGE up and then sold his holdings, when the price of the meme coin reached its peak.

The lawsuit is now being led by Evan Spencer of Evan Spencer Law.

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