Elon Musk in court. The billionaire allegedly manipulated the Dogecoin exchange rate
Elon Musk allegedly manipulated the cryptocurrency price using confidential information, say investors who sued the billionaire. “Musk and his company Tesla have unlawfully made billions of dollars off the backs of millions of working Americans,” the complaint says.
The case came to a US court in June last year. Another hearing was held on Wednesday, during which American investors who signed a class action lawsuit accused the billionaire of using confidential information to manipulate the cryptocurrency price.
Dogecoin lawsuit
According to the investors suing the billionaire, Musk consciously manipulated the cryptocurrency rate through his publications on social media, paying investors, and his famous appearance on “Saturday Night Live”, during which he criticized Dogecoin.
The billionaire allegedly committed a similar manipulation in April this year, when he changed the Twitter logo to the famous “dog”, i.e. the symbol of the Dogecoin cryptocurrency. The valuation then jumped by 30%. and the billionaire sold Dogecoins for $124 million.
Musk and the dog
Musk, who is once again the richest man in the world, is a long-time fan of dogecoin. In April 2021, he called himself “The Dogefather” on Twitter. The following month, he said the token was “the future of currency” on an episode of “Saturday Night Live.”
Dogecoin – which was created as a joke and has no practical applications – rose in popularity during the 2021 crypto boom, but has since declined. Its price is just over 7 cents – 90 percent. below the 68-cent high on May 8, the day before Musk appeared on “SNL.”
“Document”
Filmmakers from the PleasrDAO creative collective and the Own the Doge community have announced a feature-length film exploring the phenomenon of the Doge meme, or dog song. Although the production does not have a name yet, it is already called a “documentary” about one of the most famous dogs on the Internet.
PleasrDAO is a group of digital artists and NFT collectors who became famous, among others, purchasing the rights to the Doge meme for over $4 million in 2021. Own the Doge is a community centered around various dog NFTs. Funds for production come from these communities.
