Elon Musk provoked the growth of a little-known cryptocurrency with a post on X-Twitter

Elon Musk, the owner of the X social network, has caused the Marvin Inu (MARVIN) meme token to skyrocket. This happened after the billionaire congratulated his dog Marvin on his birthday on the social network.

The festive post provoked a rapid increase in the price of the crypto asset. At one point, the coin’s value reached $ 0.296. At the time of writing, the price of MARVIN is $ 0.831.

Against the backdrop of Elon Musk’s post, the trading volume of the MARVIN memo token increased by 50 021.53% per day. However, the asset has now fallen by more than 23%, and the daily trading volume has settled at a meager $ 115,353.

It is worth noting that this is not the first time Musk has provoked the growth of meme coins. Most often, it concerns the Dogecoin cryptocurrency. Many media professionals and crypto enthusiasts believe that the tech mogul secretly financed the development of the cryptocurrency.

Thus, in February, Elon attracted $ 500 million in investments in DOGE by publishing a photo of his dog. In April, after the Twitter logo was changed to a picture of a dog meme, Dogecoin’s price soared by more than 20%.

It should be added that not all members of the cryptocurrency community gave a positive assessment of Musk’s actions, and in June of this year, several Dogecoin owners filed a class action lawsuit against the businessman. The owner of Tesla was accused of insider trading in cryptocurrencies and demanded $ 258 billion in compensation for losses.