🚀 Musk and Tesla win: $258 billion Dogecoin manipulation case dismissed
😎 Elon Musk and Tesla won a lawsuit on August 29 over a $258 billion Dogecoin cryptocurrency.
🔍 The case accuses Musk of using celebrity and social media to influence the Dogecoin market, including his mention of Dogecoin on NBC Radio's popular TV show "Saturday Night Live," intentionally driving Dogecoin price fluctuations.
🤑 The lawsuit was reportedly filed by Keith Johnson and a group of investors who believe that Musk and Tesla touted Dogecoin as a legitimate investment while manipulating the market behind the scenes. The plaintiffs said that Musk's actions caused the price of Dogecoin to soar and then plummet, causing them to lose a lot of money.
👨⚖️ However, Alvin Hellerstein, the judge in charge of the case, believes that the plaintiffs do not have enough evidence to prove that Musk and Tesla actually manipulated the market. The judge said in the ruling that they could not see how the plaintiffs concluded that Musk and Tesla had engaged in market manipulation, a scheme to pump up the stock price, a breach of fiduciary duty (constituting insider trading), or a violation of state law.
🐶 Although the case was dismissed, Musk has always had a great influence on Dogecoin. He calls himself the "Father of Doge" and often talks about Dogecoin on Twitter, and these remarks often cause the price of Dogecoin to fluctuate greatly.
📈 For example, last Tuesday, Musk sent a tweet with a picture humorously mentioning the "DOGE Government Efficiency Department", and the price of Dogecoin suddenly rose by 6%. Although his words sounded lighthearted, his influence on the Dogecoin market is obvious to all.
📊 After the case was decided, the price of Dogecoin also rose slightly, from $0.098 to $0.1005. Analysts say that Dogecoin may still be in the accumulation stage, and if more people continue to buy, it may lay the foundation for a sharp rise in price. On the contrary, if market sentiment deteriorates and Dogecoin falls below $0.098 on the daily chart, its stagnation period may be extended.
💬 What do you think of Musk's influence on Dogecoin? Do you think Dogecoin will have a bright future?Feel free to share your thoughts!
