Dogecoin has now surpassed Cardano to claim the seventh spot in the cryptocurrency rankings as a consequence of a 30% price increase. Elon Musk‘s choice to swap out on the home page Twitter’s iconic bird emblem for the token symbol was a major factor in this incredible feat.
Dogecoin Increased by 30% and Ranked 7th
After Musk’s move, a 30% increase in DOGE price was observed. The popular token is trading at $0.09573 at the time of writing. At the same time, the token’s market cap and volume have also increased. Thus, it overtook Cardano’s ADA and moved up to seventh place.
What is DOGE?
Launched on December 6, 2013, Dogecoin is a meme-based cryptocurrency. Known as a fun and friendly internet currency, the popular token was created by Billy Markus and Jackson Palmer. The token’s icon is a dog. The currency represented by Shiba Inu is essentially a decentralized, peer-to-peer digital currency.
Since then, especially in the last couple of years, its popularity has significantly expanded, largely because of the backing of billionaires Elon Musk and Mark Cuban. In fact, Musk claimed that $DOGE might be his preferred cryptocurrency in 2019.
About Lawsuit
Musk and his legal team requested a U.S. judge last Friday to dismiss a $258 billion lawsuit brought by investors who alleged he conducted a pyramid scheme to promote Dogecoin ($DOGE) in June 2022.
CNBC reported that on March 31, Musk’s lawyers said in a filing in Manhattan federal court that the allegations are totally false and unsupported by proof. They contend that Musk’s tweets supporting Dogecoin were merely joking remarks, not investment advice, and that they had nothing to do with the cryptocurrency. In addition, they contend that his remarks lacked sufficient clarity to support any fraud accusations.
The investors contend that Musk’s tweets and words caused Dogecoin‘s price to skyrocket before it crashed, resulting in significant losses. They cite Musk’s guest appearance on “Saturday Night Live” in May 2021, during which he called Dogecoin “a hustle,” as evidence of his dishonest behavior. According to the lawsuit, Musk is charged with using his famous position and enormous power to manipulate the token’s value.
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