Elon Musk recently secured a legal victory in a case related to his advocacy for Dogecoin, drawing renewed attention to the cryptocurrency. The U.S. District Court for the Southern District of New York dismissed claims that Musk and Tesla misled investors through promotional content regarding Dogecoin.
Court Decision in Favor of Musk
The lawsuit alleged that Elon Musk’s statements, including describing Dogecoin as the “future currency of Earth,” were manipulative. However, the court ruled these comments were aspirational rather than factual and could not be used as evidence for market manipulation. This ruling concludes the protracted legal case.
Market Reaction to Court Decision
After the lawsuit was dismissed, Musk increased his public endorsements of Dogecoin, leading to speculation that the coin might reach $0.1. Recently, Musk hinted at bringing back Dogecoin as a payment option for Tesla merchandise, which also impacted the markets.
Future Prospects for Dogecoin
Dogecoin's value rose nearly 4% to $0.09493, although trading volume dropped by 19%. At the same time, open interest in Dogecoin options increased by 96% according to CoinGlass data. Some analysts believe Dogecoin could rise even further, possibly reaching $0.15 if current conditions hold.
As before, Elon Musk's statements and actions significantly influence Dogecoin's market behavior. Investors continue to closely monitor his words, making the cryptocurrency market quite unpredictable.
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