The Musk Pump

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Source

Hello Lions, hope you are having a good day. Elon Musk has been supportive of the meme coin Dogecoin and he doesn't hesitate keep sharing his views about Dogecoin.

Well, to me its ridiculous how his tweets bring a spike to the price of Dogecoin. I mean if a coin can behave that way in terms of it's prices even with a single tweet, I don't think that coin could stand by it's own.

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A recent Musk tweet about Dogecoin which he shared on Twitter is believed to have caused Dogecoin pump which was around 24% but the coin has then again dropped and trading low.

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24 price graph from coingecko

Lets not forget that Elon Musk has been sued for influencing the price of Dogecoin with his tweets. But he doesn't seem to be backing up from sharing his views about Dogecoin.

As per the complainant, billionaire Elon Musk is using his influence manipulating Dogecoin for his personal gains.

A class action lawsuit was filed Thursday in federal court in Manhattan by an American Dogecoin investor who is accusing Elon Musk, Tesla and SpaceX of operating an illegal racketeering enterprise to inflate the price of the cryptocurrency. Source

The tweet was shared probably in reaction to the lawsuit filed against him.

I would rather not fall into investing in something like the Dogecoin which does look like being manipulated by a single influencer like him with the coin doesn't look to have any use case or utility rather than just being called a meme coin.

What are your thoughts?

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