Dogecoin Team Faces Class Action Over Elon Musk Tweets

A group of Dogecoin $DOGE investors has filed a class-action lawsuit against the Dogecoin development team, alleging they colluded with Elon Musk to artificially inflate DOGE’s price during 2021. The lawsuit cites multiple tweets by Musk and correlates them with GitHub commits and DOGE releases. If proven, this could be one of the first cases of social media manipulation being prosecuted in crypto. DOGE fell 7%, while Baby Doge Coin (BabyDoge) rose 14% on speculation it may replace DOGE as Musk’s new meme pick. The Dogecoin Foundation denies any coordination with Musk.