Connect with us
Active Currencies 13951
Market Cap $2,357,788,189,817.56
Bitcoin Share 51.49%
24h Market Cap Change $-0.04

Musk is in trouble again, but DOGE manages to steer clear

2min Read

A recent lawsuit filed against Elon Musk claimed that the Tesla CEO has manipulated the price of DOGE on multiple instances that caused traders losses. However, DOGE remained unbothered and traded in the green despite all the ongoing drama.

Share this article

  • Musk was accused of using Twitter and SNL for Dogecoin price manipulation in a lawsuit filed against him
  • The lawsuit alleged that Musk profited from trading Dogecoin through wallets controlled by him or Tesla, at the expense of investors.

Billionaire Elon Musk was facing fresh accusations as Dogecoin [DOGE] investors filed a class action lawsuit accusing Musk of insider trading.‌

According to reports, billionaire entrepreneur and Tesla’s CEO, Elon Musk, was entangled in legal difficulties. A suit lodged in Manhattan’s federal court alleged that Musk engaged in market manipulation and insider trading of DOGE. 

Elon’s using Twitter to propagate price manipulation

The complaint alleged Musk exploited various platforms, including Twitter and a “Saturday Night Live” appearance, to manipulate the price of DOGE for his strategic gain. Musk’s acquisition of Twitter further complicated allegations. This led to accusations that Musk used the social media platform to further his interests in unfair ways toward investors.

The lawsuit noted that Mr. Musk engaged in a “deliberate course of carnival barking, market manipulation, and insider trading” which enabled him to defraud investors and promote himself and his companies. The filing noted,

“This is a securities fraud class action arising from a deliberate course of carnival barking market manipulation and insider trading by the world’s richest man Elon Musk.”

Furthermore, the lawsuit also stated that Musk deliberately inflated DOGE’s price by over 36,000% within two years before allowing it to crash. As a result, causing considerable financial losses for the investors. 

To strengthen their claims, investors drew attention to Musk’s strategic divestment of Dogecoin, totaling around $124 million. This action occurred around the same time as Musk’s decision to replace Twitter’s logo with Dogecoin’s Shiba Inu mascot, which caused the memecoin’s value to spike by 30%.


Read Dogecoin’s [DOGE] Price Prediction 2023-24


Oh my DOGE!

At the time of this writing, Elon had not responded to these allegations. However, Elon Musk offered a word of warning about DOGE a week before the latest allegations. 

“I’m not advising anyone to buy crypto or bet the farm on dogecoin,” the Tesla CEO said at a conference in London hosted by the Wall Street Journal.

At press time, DOGE was exchanging hands at $0.07224. Despite the hush-hush around DOGE, the memecoin still traded in the green and was up by 0.20% in the last 24 hours. Additionally, it was trading 1.88% higher in the last seven days. Thus, it was clear that DOGE stayed true to its route despite the lawsuit.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.