DOGE Price Reacts as Elon Musk Denies Involvement in $258 Billion Dogecoin Lawsuit
Elon Musk has requested a judge to dismiss a $258 billion lawsuit that alleges he inflated the price of Dogecoin. The lawsuit was filed by Dogecoin investors who claimed Musk’s tweets about the meme-inspired cryptocurrency caused them to lose money. Musk’s lawyers have called the lawsuit a “fanciful work of fiction” and argued that the tweets were innocuous and silly, and there was no intent to defraud anyone. They also pointed out that the tweets didn’t qualify as strong claims for fraud, and that there is nothing unlawful about showing support for a legitimate cryptocurrency. At press time, Dogecoin was trading at $0.07915, with a 3.5% drop in value over the last 24 hours. However, there was a slight spike of 6% following the lawsuit news.
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