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Dogecoin Manipulation: Lawsuit with Elon Musk Nears Closure

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by Giorgi Kostiuk

a year ago

The lawsuit alleging Elon Musk and Tesla manipulated the price of Dogecoin is nearing its conclusion as investors have withdrawn their appeal.

Dogecoin Manipulation Lawsuit

The lawsuit claimed Musk and Tesla influenced Dogecoin's price through tweets and public statements. One incident involved Musk's appearance on NBC's 'Saturday Night Live' in 2021, where investors claimed his statements affected DOGE's price, allowing him to profit.

Allegations Against Elon Musk

Comments the complainants described as manipulative included Musk’s tweets about 'Dogecoin’s CEO' and adding DOGE symbol to his bio. There were remarks about the potential for the meme coin to become a global standard for the financial system. Allegedly, DOGE price often spiked after these comments, including one regarding Tesla's support for the meme coin as a payment method.

End of Legal Proceedings

The lawsuit sought $258 billion from the billionaire. However, U.S. District Judge Alvin Hellerstein dismissed it in August. With the appeal withdrawal, the case regarding insider trading and fraud allegations is now concluded. Remaining is Judge Hellerstein's approval of the withdrawal motions. The investor's decision to end the case came just two days after U.S. president-elect Donald Trump nominated Elon Musk and Vivek Ramaswamy for the new department. DOGE's price surged significantly after the news.

In conclusion, the legal battle accusing Elon Musk of manipulating Dogecoin's price has ended with the investors withdrawing their appeal, marking full closure of the case.

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