Elon Musk’s Retaliation Against $258 Billion Lawsuit Propels Dogecoin Price to Skyrocket, Validating Its Legitimacy as a Cryptocurrency
Elon Musk has asked a judge to dismiss a $258 billion lawsuit that accuses him of trying to manipulate the price of meme-based cryptocurrency Dogecoin. The legal action was filed against Musk by investors in the token, who claim he pumped up its value before letting it crash. Musk’s lawyers have described the lawsuit as a “fanciful work of fiction” and have argued that there is “nothing unlawful” about posting messages of support for a legitimate cryptocurrency – especially one with a market cap of $10 billion. Dogecoin’s value has surged in recent years, due to support from investors and figures such as Musk and Dallas Mavericks owner Mark Cuban. Musk has previously called Dogecoin “a hustle,” but has also accepted it as payment for Tesla vehicles and has teased the possibility of adding the token to his social media platform Twitter. Despite the pushback from Musk’s legal team, a lawyer for the investors suing him has said that they are “more confident than ever that our case will be successful.”
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