Elon Musk's Tweet Sparks Another Surge in Dogecoin's Value

“Embracing Dogs and Doge: X Welcomes All!” expressed Elon Musk on his platform X (formerly known as Twitter).

In a matter of hours following this tweet, the value of Dogecoin surged from $0.06295 to $0.06399. Coinmarketcap reports that the meme cryptocurrency experienced an almost 1% growth, a noteworthy rebound after Doge had displayed a noticeable decline the prior day.

During August, Musk submitted a renewed motion, urging the federal court in New York to dismiss a class-action lawsuit pertaining to insider trading allegations involving Dogecoin. The authors of this collective lawsuit against the magnate are seeking a staggering $258 billion in reparations, contending that Musk engaged in “market manipulation and insider trading” with the meme token.

The lawsuit references digital wallets supposedly linked to Musk and his company Tesla (NASDAQ:TSLA), which are associated with transactions conducted from April 3-6. Coincidentally, it was during this period that the social media platform Twitter (NYSE:TWTR) briefly swapped its iconic blue bird logo for the symbol of Dogecoin, the Shiba Inu dog emblematic of the meme.