Elon Musk caused Dogecoin to grow by more than 9% per day

Entrepreneur Elon Musk, known for his support of the Dogecoin meme, has started to pump up the cryptocurrency again. On the evening of July 19, Musk posted a picture on his Twitter page depicting philosophers Socrates and Immanuel Kant, the main character of the Scooby-Doo cartoon, and their famous quotes. The billionaire signed his post as follows: «Doges ftw».

Within 15 minutes of the tweet’s publication, the Dogecoin rate jumped by Z%, and the digital asset’s capitalization increased by $Z20 million. After some time, the token value corrected, but the downward trend was quickly leveled, and the price of the cryptocurrency rose again to $ 0.070.

This is not the first time Musk has pumped up the value of Dogecoin. For example, in February, Elon attracted $ 500 million in investments in DOGE by posting a photo of his dog. In April, after the Twitter logo was changed to a picture of a meme dog, the Dogecoin rate soared by more than 20%.

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 Tesla owner was accused of insider trading in cryptocurrencies and demanded $ 258 billion in compensation for losses.

According to the analytical tracker CoinMarketCap, at the time of writing, DOGE $0.09 Binance-Peg Dogecoin -0.73% Market capitalization $0.24 billion VOL. 24 hours $0.1 billion is trading for $ 0.07 with a market capitalization of $ 10.1 billion. Traders made daily trading deals worth $ 791.2 million.