Elon Musk for the first time openly promoted Dogecoin's only child 'Baby Doge coin' by tweeting a medley about it and the coin rose +104.5% in Thursday's trade in its longest ever jump luring new investors towards it in the hope of sending it 'to the moon'.
Musk also tweeted a meme about Dogecoin with an image of the Godfather that read, ''You come to me at runtime to tell me the code you are executing does not compile,'' and Doge rose +3.5% minutes after his tweet and experienced volatility swinging both in red and green.
However, crypto investors are not happy with the fact that Musk is altering the running market condition with his tweets and several investors allege that the Tesla CEO had brought millions of Dogecoins minutes before his tweet and ran a pump and dump scheme.
Users took to Twitter sharing screenshots of Doge candle stick charts showing a sudden spike towards green minutes before his tweet about Dogecoin and Baby Doge coin and later his tweets popped up.
Other investors also shared screenshots that they received a notification on their mobile about a large volume alert only to see Musk's tweet thereafter.
Investors allege that Elon Musk pumps Dogecoin minutes before tweeting and when the tweet is out and sees a sudden growth in percentage, the Space X dumps the coin again within minutes causing confusion and volatility in the market.
However, there is no proof that Musk indulges in pump and dump schemes and all of these are emerging from social media from users who seem to be frustrated with Musk's involvement in the crypto market.
Since crypto is still a deregulated market around the world, not much details are known about the buyer and seller. Also, financial experts have warned that the market is filled with internal trading and unethical activities that don't meet the eye of common investors and urged people to rethink their investments in crypto.
Dogecoin at the time of publishing was trading at $0.24 and is up by +1.64% in the days trade and investors are eagerly waiting for the coin to reach the $1 mark but is only going backwards since May 2021 post Elon Musk's appearance in Saturday Night Live (SNL).