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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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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