Elon Musk Refutes Ownership of Dogecoin Stash Tied to Insider Trading
Billionaire Elon Musk is denying allegations that he owns Dogecoin wallets as part of an ongoing lawsuit for market manipulation and securities fraud. Musk is facing a $258 billion lawsuit claiming he was involved in a racketeering scheme to support the meme cryptocurrency. Court filings allege that Musk sold 1.4 billion Dogecoin, worth over $124 million, from two wallets. This alleged profit-taking occurred during a two-day period in April when Dogecoin’s logo was featured on Twitter. However, Coingecko data shows that the token’s price actually dropped during those two days. Musk’s attorney has denied the allegations, stating that there is no basis for linking the wallets to Musk. The lawsuit accuses Musk of manipulating the cryptocurrency market through his Twitter following and his appearance on Saturday Night Live. Musk has publicly shown favoritism towards Dogecoin and has often tweeted about it. Dogecoin was created as a joke in 2013 but has gained popularity and value over time. It is currently the ninth largest cryptocurrency by market capitalization, trading at around $0.06 with a market cap of $8.7 billion. The question of whether Musk is a major Dogecoin investor or simply a Twitter troll will be decided by the judge overseeing the case.