Elon Musk’s Scooby-Doo Meme Boosts Dogecoin Value By $320M: ‘Doges FTW’

Published

2 years ago

July 20, 2023

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Once again, Elon Musk, CEO of Tesla Inc., caused a significant surge in Dogecoins valuation with a single tweet, reports Fortune.

The Power of a Tweet: Musk, known for his fondness for memes and dogs, on Wednesday, tweeted a meme featuring the cartoon character Scooby-Doo with the caption Doges ftw [for the win].

This led to a rapid increase in the value of Dogecoin DOGE/USD , a cryptocurrency based on the Doge meme. In just 15 minutes, the market capitalization of Dogecoin rose by 3% (about $320 million) from $9.64 billion to $9.96 billion.

Musks Influence on Dogecoin: This is not the first time Musks tweets have significantly impacted the value of Dogecoin. In February, he created $500 million bump in valuation for the coin with a picture of his dog. In April, he changed Twitters logo to the Doge meme, causing a more than 20% increase in the cryptocurrencys value.

Musk has often publicly expressed his fondness for Dogecoin, stating at a conference in May that it is his favorite cryptocurrency because it has the best humor and it has dogs.

See Also: Elon Musk Drops Clues About Teslas Potential Partnership With Major Automaker To License Self-Driving Technology

Legal Implications: However, Musks influence over Dogecoin has also led to legal issues. A group of Dogecoin investors filed a class action lawsuit demanding $258 billion in damages from Musk, alleging that his tweets and comments about the token amount to market manipulation.

Musks lawyers have dismissed the suit as a fanciful work of fiction over his innocuous and often silly tweets.

Read Next: Ron DeSantis Dodges Question On Whether He Would Sign Nationwide Abortion Ban

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Science

A Nearby Planet May Have Formed the Moon Following a Collision With Early Earth: Study

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2 hours ago

December 3, 2025

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A new analysis of Apollo samples and Earth rocks suggests that a nearby rocky planet, not a distant object, collided with early Earth and formed the moon. The study argues that this lost planet, Theia, originated in the inner solar system and shared Earth’s early neighbourhood, offering fresh insight into one of the most important events in our planet’s history.

Science

International Space Station Makes History As Eight Visiting Spacecraft Simultaneously Dock

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2 hours ago

December 3, 2025

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In December 2025, the ISS reached a historic milestone with eight visiting spacecraft docked simultaneously for the first time. The lineup included Soyuz crew vehicles, Progress cargo ships, Japan’s HTV-X1, Northrop Grumman’s Cygnus, and two SpaceX Dragons. The rare configuration highlighted intense crew rotation operations and the ISS’s role as a global hub for…

US

‘Never-before-seen’ images of Jeffrey Epstein’s island released – showing ‘disturbing look into his world’

Published

2 hours ago

December 3, 2025

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'Never-before-seen' images of Jeffrey Epstein's island released - showing 'disturbing look into his world'

Images and video of Jeffrey Epstein’s private Caribbean island have been released by politicians in the US.

Democrats on the House Oversight Committee said on X that they were “a harrowing look behind Epstein’s closed doors”.

“We are releasing these photos and videos to ensure public transparency in our investigation and to help piece together the full picture of Epstein’s horrific crimes,” said representative Robert Garcia.

“We won’t stop fighting until we deliver justice for the survivors.”

The images show empty courtyards, bedrooms and other rooms from his villa.

Mr Garcia said: “It’s time for President Trump to release all the files, now.”

President Trump recently approved their release after US Congress voted overwhelmingly in favour.

The US Department of Justice now has until mid-December to release thousands of files linked to civil and criminal cases involving Epstein.

It could shed more light on the paedophile financier, who socialised with figures including Donald Trump, Andrew Mountbatten-Windsor and Peter Mandelson.

Their connections have already been revealed in more than 20,000 other files disclosed last month.

But much more is set to follow as the Epstein Files Transparency Act demands release of all files relating to Epstein, including investigations, prosecutions and custodial matters, as well as records connected to Ghislaine Maxwell.

Politicians have said the files’ release is critical to uncovering whether powerful figures have received special treatment or protection.

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