Matt Levine’s Money Stuff: Elon Musk Had Fun With Dogecoin

Did Elon Musk manipulate Dogecoin?

Dogecoin is a tradable electronic token representing the value of Elon Musk’s attention. When Elon Musk tweets about Dogecoin, its price goes up. When he goes on “Saturday Night Live” and makes painful jokes about Dogecoin, its value goes up. When Elon Musk does not shine the bright light of his attention on Dogecoin, its value drifts down.

This is not entirely true — somebody traded Dogecoin even before Elon Musk paid attention to it — but it’s a reasonable model. It is not investment advice, though it does seem to have been a large part of the ...