Interest in the internet’s favorite dog-inspired meme coin has spiked in the past two days after the news broke on Thursday that Tesla and SpaceX CEO Elon Musk is being sued for using his “pedestal as the world’s richest man operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement”. Keith Johnson, the man suing Musk, alleges he was “defrauded out of money”. He is reportedly attempting to sue for $258 billion and wants to represent all of those who have lost money investing in Dogecoin since 2019.
According to crypto social intelligence website LunarCrush, social engagements regarding Dogecoin have spiked in the last two days from around 100-150 million prior to the news breaking to nearly 900 million alone on Friday. But the spike in the buzz around Dogecoin hasn’t helped its price. DOGE/USD was last trading in the $0.0575 area, around the middle of this week’s $0.050-0.063ish range. Dogecoin currently trades around 92% below its record peaks printed in May 2021 at just above $0.76.
According to crypto social intelligence website LunarCrush, social engagements regarding Dogecoin have spiked in the last two days from around 100-150 million prior to the news breaking to nearly 900 million alone on Friday. But the spike in the buzz around Dogecoin hasn’t helped its price. DOGE/USD was last trading in the $0.0575 area, around the middle of this week’s $0.050-0.063ish range. Dogecoin currently trades around 92% below its record peaks printed in May 2021 at just above $0.76.