Elon Musk Might Stop Promoting Dogecoin; Will Doge Take A Hit?

dogecoin news elon musk

Dogecoin News: Elon Musk, Tesla CEO and a Dogecoin (DOGE) fan on Friday filed his reply against the allegations of running a pyramid scheme to support the world’s largest meme crypto. Musk’s lawyer even called the lawsuit a “fanciful work of fiction”.

Elon Musk Rejects Pyramid Scheme Claims

According to the court filings, Elon Musk’s attorney highlighted that the investors didn’t explain how Tesla Chief was planning to defraud anyone. However, tweets and statements like “no highs, no lows, only Doge and “Dogecoin Rulz” cannot support the claims of the plaintiff.

It mentioned that Tweets including support for DOGE or funny pictures about the meme coin are not unlawful when the token holds a market cap of around $10 billion. Lawyers requested the Court to dismiss the complaint.

However, it is important to note that the footnote of the court filings rejected investors’ claim of calling Dogecoin a security. Meanwhile, Evan Spencer, Investors’ lawyer reportedly said that the plaintiffs are confident that the case will be successful. Read More Dogecoin News Here…

Also Read: Michael Saylor’s $4 Bn Bitcoin Gamble Is Slowly But Steadily Inching Towards Profitability

Elon Musk’s favorite meme crypto, Dogecoin price hasn’t registered any such big surge over the past few weeks. DOGE has also not reacted much to the Tesla Chief’s Tweets. Dogecoin price is down by 7% over the past 30 days. It is trading at an average price of $0.071, at the press time.

DOGE market cap stands at around $10.7 billion. However, investors have accused Musk of impacting the Dogecoin price by 36,000% in the last two years. It is being accused that they generated billions in profit at other DOGE holders’ expense when the Tesla Chief knew that it doesn’t hold intrinsic value.

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