After $258 billion Dogecoin lawsuit, Elon Musk backs DOGE holders.
Elon Musk’s legal team has argued that the $258bn lawsuit accusing the billionaire of running a pyramid scheme to support Dogecoin is “fiction.” Musk’s lawyers claimed the CEO’s tweets supporting Dogecoin are not unlawful, and argued that the statement “no highs, no lows, only Doge,” cited in the lawsuit, was too vague to support claims of fraud or running a pyramid scheme. Meanwhile, on-chain activity in Dogecoin rose, with an increased volume of active addresses and higher transaction count in response to the development. The price of the meme coin climbed 3.5% since Friday, as it resumed its uptrend. Cryptocurrency holders appear bullish on the Shiba-Inu-themed currency, given the buzz generated by the on-chain metrics.
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