Elon Musk Remains Unperturbed Amid $258 Billion Dogecoin Lawsuit
Elon Musk and his legal team have responded to a $258 billion lawsuit regarding Dogecoin, filing a motion to dismiss the case. The lawsuit claims that Musk was involved in an illegal racketeering scheme related to the cryptocurrency. The defense team argues that the allegations are unsubstantiated and frivolous, citing the plaintiffs’ lawyer’s history of filing frivolous motions to delay court procedures. They also deny leaking a letter about the lawyer’s behavior, blaming him for introducing it to the jury pool. The defense team asserts that representing both Musk and Tesla does not constitute a conflict of interest unless they are legal adversaries. They argue that the motion is an abuse of process, wasting the court’s time and insulting their credibility. Musk and Tesla’s lawyers are committed to vigorously defending their clients and upholding the principles of the legal profession.
Meanwhile, Dogecoin itself has not reacted significantly to the lawsuit. Its price peaked on July 4 at $0.0718, potentially due to the US public holiday and increased leisure time for crypto enthusiasts. Since then, the price has pulled back to $0.0643 and consolidated around $0.0655 over the weekend. Dogecoin has traded in a range of $0.0508 to $0.1048 this year, with potential resistance at $0.0538. The current price is hovering around the 23.6% Fibonacci level between the two extremes, indicating a possible return to the 50% level or even the golden level of $0.0853 at the 61.8% level. In the past, the price has been locked around the 50% level and last touched the 61.8% level in April.
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