Cryptocurrency Lawsuit: Elon Musk Urges for Termination of $258 Billion Dogecoin Case
Elon Musk has asked for the dismissal of a $258bn lawsuit that claimed he operated a pyramid scheme to promote Dogecoin. Lawyers representing Musk refuted all claims of fraud made by Dogecoin investors in a Manhattan federal court on 31 March, calling it a “fanciful work of fiction”. His attorneys attempted to convince the judge to throw out the multibillion-dollar lawsuit by referring to his Dogecoin tweets as “innocuous and often silly”. Musk was accused of driving Dogecoin’s price up “more than 36,000% over two years and then allowing it to crash”. The nonprofit Dogecoin Foundation is also a defendant seeking dismissal of the lawsuit. It reportedly said it was more confident than ever that the case will be successful. Dogecoin’s price increased by nearly 4% overnight following Santiment’s metrics indicating the meme coin’s rising popularity and the likely support of its holders for Musk’s move.