Testing of support for Dogecoin’s price as Musk persists with late Friday repeal to dismiss his case

Dogecoin (DOGE) has seen a drop in price following some volatile movements in the Asia-Pacific and European sessions. The dip was prompted by an announcement that could see a systemic risk for the cryptocurrency following a court ruling that recently spoke in favor of the US Commodity Futures Trading Commission’s view of cryptocurrencies and altcoins as commodities. Elon Musk, who is being sued for $258bn by investors who accuse him of pumping DOGE, asked for the claim to be thrown out based on his lawyers’ argument that DOGE is neither a commodity nor a security, which goes against the recent court ruling. This puts DOGE in the middle of a storm and, if the judge rules in Musk’s favor, the value of DOGE could drop by up to 20%.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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