Elon Musk's 420 News Seemingly Drives Dogecoin's Trading Volume To Surge

The latest positive news about the tech billionaire and Dogecoin evangelist Elon Musk may have inspired investors and helped propel the trading volume of the world's first-ever meme coin.

Dogecoin (DOGE), the world's largest meme coin by market capitalization, got into the list of the top 10 crypto assets with the highest trading volume among Binance Smart Chain whales, or those individuals or entities that own large quantities of crypto.

"$DOGE is back on top 10 by trading volume among 100 biggest #BSC whales in the last 24hrs," whale wallet tracker Whalestats shared over the weekend.

The latest achievement by Dogecoin came shortly after news broke that the court found Musk not guilty in the case of his tweet about taking Tesla private at $420 a share.

The jury found Musk not guilty in the case of his tweet about taking Tesla private at $420 a share. The tweet was made almost five years ago, at the time when the tech billionaire was considering taking Tesla private and revealed his intentions to investors in a tweet.

"Am considering taking Tesla private at $420. Funding secured," Musk said at the time, adding that "shareholders could either to sell at 420 or hold shares & go private."

The tech billionaire also said that "my hope is *all* current investors remain with Tesla even if we're private. Would create special purpose fund enabling anyone to stay with Tesla. Already do this with Fidelity's SpaceX investment."

The U.S. Securities and Exchange Commission (SEC), however, found Musk's tweet exaggerated and misleading, especially in the part where he said the funding was secured.

After that, the tech billionaire called the financial regulator names and even alleged that the institution is working for those who wanted to short the electric vehicle maker.

Eventually, Musk ended up reaching a settlement with the SEC, a part of which was him stepping down from his role as the chairman of the board and paying $20 million in fines.

Following the verdict, Musk shared the good news with his 128.1 million followers on Twitter.

"Thank goodness, the wisdom of the people has prevailed! I am deeply appreciative of the jury's unanimous finding of innocence in the Tesla 420 take-private case," the tweet read.

Following the news, DOGE surged 3.47% and traded at $0.9481 with a 24-hour trading volume of $690.52 million.

Dogecoin rallied over the weekend and even soared to a price of $0.9953.

However, the price rally was cut short, and as of 12:34 a.m. ET on Monday, DOGE was trading down 4.16% at $0.09121 with a 24-hour volume of $688,484,523, according to the latest data from CoinMarketCap.

Last month, DOGE also surged after a report surfaced claiming that the chief twit told developers to build the social media platform's payments system with a design that would allow future integration of cryptocurrency functionality.