• The rally has been linked to the recent tweet by the Tesla founder Elon Musk, who disclosed that Dogecoin holders would soon be able to buy merchandise from the online store of SpaceX.

• Attorney John Deaton has cautioned Musk to be careful not to have problems with the SEC.

Dogecoin has staged an impressive comeback to enter the top 10 highest-ranked coins after overtaking Polkadot in the last 24 hours to secure the 10th position. The meme coin has been behind Polkadot for some weeks now till it embarked on a near 10 percent surge in the late hours of yesterday. 

Data from CoinMarketCap discloses that the digital asset is trading at $0.08, with a percentage surge of 5 percent in the last 24 hours as of press time. Regardless of its remarkable run, Dogecoin is still 88.9 percent down from its all-time high of $0.73 recorded on May 8, 2021. It currently has a market capitalization of $10.8 billion and a market dominance of 0.91 percent. 

The rally has been linked to the recent tweet by the Tesla founder Elon Musk, who disclosed that Dogecoin holders would soon be able to buy merchandise from the online store of SpaceX. This indicates that the world’s richest man has not given up on the project, but will continuously support the asset as previously pledged. 

Ripple attorney cautions Musk to tread cautiously

Last year, Dogecoin was in a deep sleep until Musk sparked some interest among investors with multiple tweets. He mentioned that he will send the meme coin to the moon. In one of his polls, he asked his followers whether to make it a payment option for Tesla products. This sent the price high to become the most valuable meme coin in the world. 

A survey conducted last year revealed that the asset was the most searched crypto in the US, with a total of 23 states searching for the keyword “Dogecoin”. Also, an average of 7 million searches for content relating to the asset were recorded. In April, the price surged by 10 percent after it was announced that Musk had taken about a 9.2 percent stake in Twitter. This speaks volumes of the level of influence the Tesla CEO has on the coin. 

His comments on the meme coin have caught the attention of Attorney John Deaton, who has been actively involved in the Ripple and the US Securities and Exchange Commission (SEC) lawsuit. According to him, Musk could have problems with the security agency. 

His comment came after a Twitter user identified as @JayBlessed901 complained about the impact Musk has had on the meme coin.

It can be recalled that Ripple executives Brad Garlinghouse and Chris Larsen were charged for playing a huge role in promoting XRP to investors. This has been said to be the exact thing Musk has been doing with Dogecoin.