Results of the Legal Case Against Elon Musk Involving Dogecoin

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by Giorgi Kostiuk

2 years ago

The lawsuit against Elon Musk and Tesla, accused of manipulating Dogecoin prices, is officially over. Claims have been dropped, concluding the two-year legal drama.

How Elon Musk Got Involved with Dogecoin

Elon Musk became a key figure in Dogecoin’s story in 2021. His tweets and public appearances often caused DOGE prices to skyrocket. One of the most famous moments was when he called himself 'The Dogefather' on *Saturday Night Live*. However, not everyone saw his humor positively. Some investors believed Musk was manipulating the market for personal gain, resulting in the $258 billion lawsuit in 2022.

Elon Musk denied these claims, calling the lawsuit a 'work of fiction.'Elon Musk

Why the Lawsuit Ended

The lawsuit officially ended after investors withdrew their appeal and dropped all related claims, like accusations of insider trading. Musk and Tesla, in turn, stopped pursuing procedural actions against the investors' legal team. Judge Alvin K. Hellerstein had previously dismissed the case, stating Musk's tweets were not fraudulent. His remarks about Dogecoin being the 'future currency of Earth' or going 'to the moon' were perceived as jokes, not financial advice.

Dogecoin’s Journey with Elon Musk

Despite the lawsuit, Dogecoin remains a beloved crypto, enduring market fluctuations. Even 'whales' continue to buy large amounts of DOGE. Musk has hinted at possibly integrating Dogecoin into Tesla and his other ventures like X (formerly Twitter). These teases keep DOGE fans hopeful for the future.

Even though the lawsuit has ended, Elon Musk's impact on Dogecoin remains significant. His involvement with the cryptocurrency continues to shape its future, and this story is far from over.

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