Elon Musk has significantly impacted Dogecoin by turning it from a parody into a speculative asset. His tweets contributed to ethical concerns regarding market manipulation and a lawsuit claiming a Dogecoin pyramid scheme.
Recent data indicates a sharp decline in Dogecoin millionaires by over 41% since Musk’s announcement of a D.O.G.E. Department, suggesting his influence may be decreasing in the cryptocurrency landscape.
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