For the world, Elon Musk is the father of Dogecoin, which came into existence in 2013. Since the rise of Dogecoin and the release of Shiba Inu, Musk’s name has always become part of discussions related to the rise and fall of meme coin prices. Such has been the impact of Elon Musk in the crypto world that we often see people eyeing the next meme coin to make a quick dollar. Although Musk has gained much popularity in the crypto world due to his influence on meme coin prices, he also has to bear the brunt of a US$258 billion lawsuit.
Meme Coin Price Rise After Elon Musk Comment
In April 2022, the price of Dogecoin sharply rose by 30 percent after Elon Musk’s Twitter takeover bid was announced.
In December 2021, when Musk said Tesla would start accepting Dogecoin payment for its merchandise, there was a 20% rise in the price of DOGE.
In the case of Shiba Inu, the rise of the meme coin price was exceptional and unmatched. In September 2021, when Elon Musk tweeted about the Shiba Inu puppy, SHIB’s price broke all barriers. It experienced an eye-watering rise of 1000% in just one month, November 2021.
Elon Musk is Alleged to be a part of Meme Coin Price Racket
A lawsuit has been filed against Musk, citing that he allegedly influenced Dogecoin price by putting his own money and commenting on Twitter. The case is worth US$258 billion, which is more than his current net worth of $234.5 Billion. Keith Johnson, the plaintiff, has filed the lawsuit against Space X and Tesla founder Musk.
Conclusion
Elon Musk might or might not have any intentions to impact the cryptocurrency price, but his comments evidently influence the investors. Such has been the impact of Elon Musk’s words: crypto investors are often found waiting for the next meme coin supported by the world’s richest man. Both Shiba Inu and Dogecoin have also seen unprecedented highs in the past. But now, it would be harder for Musk to voice his opinion after the lawsuit. Will the confessed lover of DOGE keep coming up with witty Tweets, or will he be stopped by the price tag of Johnson’s case? Let’s wait and watch.