The lawsuit against Elon Musk over the alleged $258 billion Dogecoin price manipulation is coming to an end as the plaintiffs' lawyers withdrew their appeal.
Background of the Lawsuit
The lawsuit was initiated in July 2022 following the end of the 2021 bull market. It was based on Musk's remarks on NBC's Saturday Night Live and his tweets, contributing to significant price fluctuations in Dogecoin, reaching an all-time high of $0.73.
Court Decision and Appeals
The plaintiffs' lawyers appealed Judge Hellerstein's ruling in favor of Elon Musk in August 2024. However, they have now withdrawn their appeal, requiring the judge's approval before the case is officially concluded.
Impact on Dogecoin
Dogecoin's price soared following Donald Trump's victory in the 2024 elections, possibly because of Musk's associated support. However, the coin's value has declined to $0.36 at the time of writing.
In conclusion, the lawsuit against Elon Musk and his companies is nearing its end, but Musk's influence on the cryptocurrency market continues to draw attention and discussion.
