With the U.S. presidential election on November 5 approaching, billionaire Musk previously announced a daily random $1 million giveaway to American voters in strong support of Trump’s campaign. He was sued by Philadelphia District Attorney Larry Krasner on Monday (October 28) and was required to attend an emergency hearing. Following the news, the Dark MAGA (DMAGA) political meme coin plummeted.
Musk initiated the daily $1 million giveaway to swing state voters who sign the America PAC petition, which will continue until Election Day on November 5, but has currently been halted due to legal disputes.
America PAC is a group founded by Musk to raise funds for former President Trump, which has received $75 million in donations from Musk in just the past three months. Therefore, this activity is seen as an effort to encourage more swing state voters to support Trump, but it has also sparked legal controversy. The U.S. Department of Justice recently warned that this move may have already violated federal law.
According to U.S. CNBC, Judge Angelo Foglietta requested Musk and America PAC representatives to attend an emergency court hearing in Philadelphia on Thursday morning to respond to Krasner's attempt to stop him and America PAC from continuing to award $1 million prizes to registered voters in Pennsylvania.
Krasner's lawyer pointed out in court documents that since America PAC did not disclose clear lottery rules or explain how to protect participants' personal information, this lottery activity is misleading. Additionally, the lawsuit also argued that although Musk claimed the selection of winners was random, this assertion seems inconsistent with reality as many of the selected winners had attended Trump rallies in Pennsylvania.
The lawyer added that the lawsuit has led to a large number of posts by Musk's followers on social media, many of which launched anti-Semitic attacks against Krasner, and some even threatened to visit his home, prompting Krasner's lawyer to request the judge to order increased security for the hearing.
Recently, as Musk has clearly expressed support for Trump, the latter's campaign seems to have been successfully hyped. Moreover, Musk, not forgetting his identity as the 'father of Dogecoin,' publicly promoted Dogecoin again, tweeting a picture of himself supporting Trump while wearing a 'Make America Great Again' (MAGA) hat and raising his fist, alongside a picture of a Shiba Inu doing a similar gesture.
Dogecoin's price has surged 21.6% in the past week, becoming the cryptocurrency with the highest daily increase among the top 100 by market capitalization for several days.
But after the negative news of the lawsuit was announced, meme coins like Dogecoin, MAGA, and DMAGA fell sharply.
Previously, Trump had stated that if he wins, he will invite Musk to lead a government spending audit, implement strong reforms, and establish a 'Department of Government Efficiency,' abbreviated as D.O.G.E, thus his news continually affects the trend of Dogecoin. This proposal aims to reduce government waste, fraud, and unnecessary spending.
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