“Elon Musk Wins Dogecoin Battle: Details of Ruling and Implications for Crypto Market”
The legal case against Elon Musk over alleged price manipulation of Dogecoin has come to an end after a federal judge dismissed the claims against him. The investors who filed the case alleged that Musk used his platform to promote Dogecoin, causing its price to rise 36,000% before it crashed, and sought $258 billion in damages.
The judge noted that Musk’s statements, such as calling Dogecoin the “currency of the future” or using it for future projects, were “aspirational and unrealistic” and could not be relied upon as evidence of fraud or market manipulation. He also noted that there was insufficient evidence to support the claims of manipulation or insider trading. The case has been permanently dismissed and cannot be refiled in the future.
From a crypto perspective, Musk’s victory represents a turning point that promotes freedom of speech in the market but raises questions about the responsibility that big influencers have when speaking about digital assets. For Dogecoin, there was little price impact, reflecting that the crypto market is beginning to treat Musk’s statements with more caution than in the past.