Elon Musk posted a Scooby-Doo meme—and Dogecoin added $320 million in 15 minutes

On Wednesday afternoon, the embattled CEO of Twitter and Tesla tweeted a meme that featured the beloved cartoon character Scooby-Doo. “Doges ftw [for the win],” he wrote.

Dogecoin, a joke cryptocurrency primarily based on the Doge meme, shortly jumped in worth. In simply quarter-hour, the market capitalization for the memecoin rose 3%, from $9.64 billion to $9.96 billion—roughly $320 million. And the worth of 1 Dogecoin went from about 6.9 cents to 7.1 cents. (The worth had fallen again nearer to 7 cents on the time of publication.)

Doges ftw pic.twitter.com/bl0trQ7BdU

— Elon Musk (@elonmusk) July 19, 2023

The most recent Musk-inspired rally in Dogecoin isn’t the primary time the CEO, with just some keystrokes and a click on, has generated a whole bunch of thousands and thousands of {dollars} in worth for the cryptocurrency.

He created $500 million in worth for the coin when he posted an image of his canine in February. In April, he switched Twitter’s brand from a blue fowl to the Doge meme and pumped the cryptocurrency up by greater than 20%. And he has repeatedly referenced Dogecoin in lots of a public comment and interview. At a convention in Might, he stated that the coin is his favourite cryptocurrency as a result of it has “the most effective humor” and “it has canines.”

Dogecoin merchants watch Elon Musk’s Twitter and public feedback with such bated breath {that a} group of the token’s buyers filed a category motion lawsuit towards the billionaire, alleging that the world’s wealthiest human has such a sway over the market that his tweets and feedback in reference to the token are akin to market manipulation.

Attorneys for Musk have called the swimsuit, which asks for $258 billion in damages, “a whimsical work of fiction” over the CEO’s “innocuous and infrequently foolish tweets.”