The legal saga involving Elon Musk, Tesla, and Dogecoin price manipulation is coming to an end. Here’s a quick recap:
🔍 What is the lawsuit about?
Investors have accused Musk and Tesla of influencing the price of Dogecoin through tweets and public comments, such as:
• Calls himself the “Dogecoin CEO”.
• Add the DOGE symbol to your bio on X (formerly Twitter).
• Promoted DOGE on Tesla platforms and during a 2021 appearance on Saturday Night Live.
These actions are believed to have caused the price of DOGE to skyrocket, benefiting Musk. The class action lawsuit seeks up to $258 billion in damages.
📰 What's the latest news?
• In August, U.S. District Court Judge Alvin Hellerstein dismissed the lawsuit.
• The investors appealed, but have now withdrawn their lawsuit.
• The lawsuit is officially closed when the judge approves the motion to withdraw the lawsuit.
Interestingly, the decision to drop the lawsuit came just two days after Musk was nominated by US President-elect Donald Trump to the new Department of Government Efficiency. Following this news, the price of DOGE skyrocketed again! 🚀
🤔 What does this mean for Dogecoin?
While the lawsuit has brought some closure, DOGE’s price remains highly influenced by Musk’s actions and public sentiment. Traders should stay informed and consider the risks before jumping into the meme coin’s volatility.
💬 What do you think?
Do you believe Elon Musk's influence on Dogecoin is beneficial for cryptocurrency adoption or does it bring too much uncertainty to the market? Share your thoughts below! 👇
💡 Pro Tip: Follow market moving news and updates to make informed trading decisions.