Doge and Dogecoin: Elon Musk’s Manipulation Accusations Resurface

Billionaire X owner Elon Musk posted a meme about Doge on Tuesday, November 26. Although he directly referenced the new US Department of Government Efficiency, the meme coin Dogecoin also saw a brief spike following the post.

Many are wondering: Is Elon Musk deliberately trying to drive up the price of DOGE through these seemingly unrelated tweets? A recent class action lawsuit against him directly addressed this possibility.

Elon Musk and DOGE

To date, there appears to be a clear correlation between Dogecoin (DOGE), the first meme coin, and billionaire Elon Musk’s social media activity. Earlier this week, DOGE briefly began to decline until Musk posted a meme on his social media platform.

This meme directly referred to Musk’s Department of Government Efficiency (D.O.G.E.) and not the crypto token, but the latter’s value increased nonetheless.

This DOGE price increase proved to be short-lived, however, but it still showed a notable correlation with the billionaire’s activities. This raises the obvious question: was Elon Musk deliberately trying to boost DOGE?

On several occasions recently, the value of this meme coin has increased after Musk’s social media posts. In September, he shared a post about D.O.G.E., which also boosted the crypto, although it is not technically related to this newly created government department.

Ultimately, it is impossible to fully understand Elon Musk’s intentions with his post. Recently, all of the billionaire’s statements related to Doge have referred to his political project and not the crypto asset.If he was primarily trying to increase the value of the same coin, it is not a success.