Another Elon Musk-fueled DOGE Rally Ends With a Dump

Altcoins Dogecoin Elon Musk Market

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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June 25, 2023

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Dogecoin (DOGE) is struggling to hold onto its weekend gains, slipping following the latest Musk pump.

The popular meme coin had a banner day yesterday, pumping in value after Tesla and SpaceX CEO Elon Musk said that he would continue to support and buy the cryptocurrency.

At one point, the 11th coin by market capitalization was up by as much as 24%, rising from a daily low of around USD 0.0501 to a relative high of USD 0.0622. However, the coin has been trading lower since.

At 8:12 UTC on Monday morning, DOGE is trading at USD 0.058. It is up by 5.4% over the past day and down 9% in a week. It is also down 31% in a month and 80% in a year.

The brief rally came after Musk tweeted that he “will keep supporting Dogecoin.” In reply to a user who said “keep buying then,” Musk claimed he is.

Musk’s most recent reiteration of his support for Dogecoin comes as the billionaire has been sued for USD 258bn for apparently influencing the price of Dogecoin with his tweets.

Filed by plaintiff Keith Johnson in New York, the lawsuit accuses Musk and his companies, Tesla and SpaceX, of running a “pyramid scheme” to inflate the price of the meme coin.

“[Musk, Tesla, and SpaceX] were aware since 2019 that dogecoin had no value, yet promoted dogecoin to profit from its trading. Musk used his pedestal as the world’s richest man to operate and manipulate the dogecoin pyramid scheme for profit, exposure, and amusement,” the complaint said.

Johnson has asked the court for USD 86 billion in damages, plus “triple damages of USD 172 billion.”

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Learn more: 
– Elon Musk Eyes Twitter ‘Digital Payments’ Expansion, But Faces DOGE ‘Pyramid’ Legal Wrap
– DOGE Dips With Market While Musk Laughs at SEC Investigation Rumor

– Tesla Accepts Dogecoin Payments for its Merch, DOGE Rallies
– Elon Musk Offers to ‘Pay Actual $’ If Dogecoin Whales Empty Their Wallets

– DOGE in Red While Elon Musk Spurs Starlink, SpaceX Speculations
– Elon Musk Won’t Sell Bitcoin, Ethereum, Dogecoins as Inflation Soars and Recession Risk Grows