The U.S. presidential election is approaching with Election Day on November 5. Billionaire Elon Musk announced a plan to distribute $1 million per day to American voters, aiming to support Donald Trump's campaign. However, on Monday, October 28, Musk was sued by Philadelphia prosecutor Larry Krasner, who requested him to attend an emergency hearing. This event significantly impacted the meme coin Dark MAGA (DMAGA), causing its value to drop considerably.
Musk's cash giveaway activity, asking voters in swing states to sign a petition from the American Political Action Committee (America PAC), is expected to last until November 5 but has been paused due to emerging legal controversies. On Wednesday, Judge Angelo Foglietta requested Musk and representatives from America PAC to attend a hearing on Thursday morning to explain this activity.
In addition, Musk, as the 'father of Dogecoin', did not miss the opportunity to promote this coin, sharing images supporting Trump in the 'Make America Great Again' (MAGA) hat on social media. Over the past week, Dogecoin's price has recorded an increase of 21.6%, becoming the coin with the highest increase in the top 100 cryptocurrencies. However, after news of the lawsuit broke, the prices of Dogecoin, MAGA, and DMAGA fell back.
Previously, Trump stated that if he wins, he would appoint Musk to lead the government budget audit program and establish the Department of Government Efficiency, abbreviated as D.O.G.E. Since then, this news has continued to influence the trading trends of Dogecoin.
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