The court dismissed claims that Musk’s Dogecoin promotions misled investors, ruling them as aspirational rather than manipulative.
Dogecoin’s value rose by 4% to $0.09493 following Musk’s renewed support, despite a drop in trading volume.
Elon Musk recently secured a legal victory in a case related to his advocacy for Dogecoin, drawing renewed attention to the cryptocurrency. The U.S. District Court for the Southern District of New York dismissed claims that Musk and Tesla misled investors through promotional content regarding Dogecoin.
The lawsuit alleged that Musk’s statements, including describing Dogecoin as the “future currency of Earth,” were manipulative. However, the court ruled these comments were aspirational rather than factual and could not be used as evidence for market manipulation. This ruling concludes the protracted legal case.
Additionally, the lawsuit accused Musk and Tesla of engaging in insider trading and orchestrating a “pump and dump” scheme. The court dismissed these accusations due to insufficient evidence. The decision is significant for Musk, who has consistently endorsed Dogecoin, with his public comments often affecting the cryptocurrency’s market behavior.
After the lawsuit was dismissed, Musk increased his public endorsements of Dogecoin, leading to speculation that the coin might reach $0.1. Recently, Musk hinted at bringing back Dogecoin as a payment option for Tesla merchandise in a post on X. Investors are closely watching his next moves, as his backing of the coin continues to affect market behavior.
Dogecoin’s value rose nearly 4% to $0.09493, although trading volume dropped by 19%. At the same time, open interest in Dogecoin options increased by 96%, according to data from CoinGlass.
Some analysts believe Dogecoin could rise even further, possibly reaching $0.15 if current conditions hold. As Musk continues to engage in discussions about Dogecoin’s future, market activity is likely to remain unpredictable, with investors paying close attention to his actions and statements.
As of now, Dogecoin (DOGE) is showing an active trading environment, with a current price of $0.09554 USD, reflecting a 3.87% increase.
If open interest rises along with Dogecoin’s price (currently at $0.09554 USD), it generally indicates new money flowing into the market and a bullish sentiment among traders.
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