Could Dogecoin Suffer from Elon Musk’s Discontinuation of Promotion?
Elon Musk has filed his reply to allegations of running a pyramid scheme to support Dogecoin (DOGE), calling the lawsuit a “fanciful work of fiction”. Musk’s lawyers deny that the investors have explained how the Tesla CEO was planning to defraud anyone, stating that tweets and statements supporting DOGE or funny pictures of the meme coin are not unlawful when it has a market cap of around $10 billion. While investors have accused Musk of impacting DOGE’s price by 36,000% in the last two years, it is currently down by 7% over the past 30 days and trading at an average price of $0.071, with a market cap of around $10.7 billion. The footnote of the court filings rejected investors’ claim of calling DOGE a security. The lawyer representing the investors has reportedly said that they are confident their case will be successful.