Crypto: Musk Clears Accusations Of Dogecoin Manipulation!

Elon Musk and his company Tesla have just won a major legal victory against Dogecoin investors. Federal Judge Alvin Hellerstein dismissed the complaint accusing the billionaire and his company of manipulating the cryptocurrency’s price, marking a significant success for the Musk camp.

A dismissed accusation, major implications

Federal Judge Alvin Hellerstein last Thursday dismissed a class action lawsuit against Elon Musk and Tesla, thus ending a months-long legal saga. The plaintiffs accused the billionaire of artificially inflating Dogecoin prices by 36,000% over two years, before causing its collapse.

The case, which demanded $258 billion in damages, was based on several elements. Investors accused Musk of his tweets, his appearance on Saturday Night Live in 2021, and even the temporary change of Twitter’s logo in April 2023.

According to their argument, Musk would have orchestrated these actions to manipulate the market to his advantage. However, Judge Hellerstein dismissed these allegations, calling them “aspirational and fanciful, non-factual and likely to be falsified“.

He also highlighted the vague nature of the accusations of market manipulation and insider trading to justify dismissing the lawsuit. This decision, rendered with prejudice, closes the door to any future attempts to refile the case in court.

Musk and Dogecoin, a complex relationship under the spotlight

This decision comes in a context where the links between Musk and Dogecoin are the subject of intense speculation. Recently, Charles Hoskinson, a prominent figure in the crypto sphere, hypothesized that Musk might hold up to 20% of the total Dogecoin supply.

Though unproven, this assumption fuels the debate on the real influence of personalities like Musk on the crypto market. Musk’s legal victory could paradoxically intensify the scrutiny of his activities in the crypto field.

While Dogecoin’s price dropped 5.5% in the week following the verdict, attention remains focused on the every move of the “Dogefather“.