Investors have accused Elon Musk of manipulating the price of Dogecoin through tweets and public comments, such as:
• Referring to himself as the “CEO of Dogecoin.”
• Adding the DOGE symbol to his X (formerly Twitter) bio.
• Promoting DOGE on Tesla platforms and during his appearance on Saturday Night Live in 2021.
These actions allegedly caused the price of DOGE to soar, benefiting Musk. The class action lawsuit sought a whopping $258 billion in damages.
📰 What’s the latest?
• In August, U.S. District Judge Alvin Hellerstein dismissed the lawsuit.
• The investors appealed, but have now withdrawn their case.
• The case officially ends once the judge approves the motions to dismiss.
Interestingly, the decision to dismiss the case comes just two days after Musk was nominated to the new Department of Government Efficiency by U.S. President-elect Donald Trump. Following the news, DOGE’s price surged again! 🚀
🤔 What does this mean for Dogecoin?
While the end of the lawsuit brings some closure, DOGE’s price remains heavily influenced by Musk’s actions and public sentiment. Traders should stay informed and consider the risks before plunging into the meme coin’s volatility.
💬 What do you think?
Share your views here below👇🏻