He's doing it again. On Wednesday, Elon Musk tweeted something dumb about cartoon dog Scooby-Doo with the caption "Doges ftw"—the latest in his periodic efforts to get the meme coin Dogecoin trending, and goose its value in the process. His Scooby tweet did the trick as the price of Dogecoin briefly spiked 3% in 15 minutes, adding around $320 million in market cap.
We've seen this dynamic play out again and again—most famously after Musk talked up the Shiba Inu-themed token on Saturday Night Live—but it's still not clear why he's doing it. One explanation is that it's an easy way to make money since he owns a bag of Doge. If you're Musk, it's really simple: Tweet about the token, watch the price jump, and then reap some profits before doing it again a few months later. Bloomberg's Matt Levine explored Musk's motives in a column last month:
