- The lawsuit claims that Elon Musk supported Dogecoin’s bullishness.
- DOGE Designer provides important updates to the XPayments launch process.
- Tesla lawyers believe the judge’s decision will help Dogecoin grow.
Elon Musk, the owner of Tesla, SpaceX, and X, has won a landmark Dogecoin (DOGE) pyramid scheme lawsuit initiated by investors. The $258 billion class action lawsuit claims Musk and his associates intentionally manipulated the price of Dogecoin during the 2021 bull run.
Musk’s Lawyer: ‘A Good Day for Dogecoin’
Additionally, Tesla employees were accused of insider trading to drive up the price of Dogecoin by a whopping 36,000%, then making significant profits before allowing DOGE to crash.
U.S. District Judge Alvin Hellerstein ruled Thursday night to dismiss the lawsuit, saying the decision was made with prejudice and the case cannot be refiled. Commenting on the argument, the judge argued that a reasonable person could not rely on Elon Musk’s relevant tweets to bring a securities fraud lawsuit.
The judge also ruled that Musk’s Dogecoin tweet “It is a wishful thinking and a tall tale, it is not true and it can be falsified.” Musk’s legal team says the meme-loving tech billionaire’s tweets shouldn’t be taken seriously.
Tesla lawyer Alex Shapiro described Musk’s messages as “harmless and often silly tweets” in an emailed statement to Reuters, adding that the complete dismissal of the $258 billion Dogecoin manipulation case was a genuine “A very good day for Dogecoin”.
Has Dogecoin been approved for XPayments integration?
The legal development could be beneficial for Dogecoin’s integration into X’s upcoming peer-to-peer (P2P) trading system, XPayments. If Musk decides to keep his promise to the Dogecoin community, DOGE could return to its prime with the inclusion of this platform.
Still down 86% from its all-time high on May 8, 2021, Dogecoin has not lost its place in the top 10 cryptocurrencies by global market cap. With a loyal and active community, the proof-of-work (PoW)-based Dogecoin could potentially become the centerpiece of X’s financial system.
Meanwhile, Doge Designer, a contributor and graphic designer for X, has posted an important update on XPayments. On August 28, the DOGE Army member boasted that X had secured a money transmitter license in Maine, bringing the total number of licenses acquired to 36. With 14 states remaining, DOGE Designer expects the entire puzzle to be completed by the end of the year.
At the time of writing, DOGE is trading at $0.1007 and has been trading in a narrow channel for the last 24 hours. Despite the 20% monthly drop, Dogecoin is still up 54% year-to-date, and is expected to hit $0.22 on April Fool’s Day 2024.
On the other side
- The lawsuit claims that Elon Musk sold approximately $124 million worth of Dogecoin (DOGE) in April 2023 after replacing Twitter’s original blue bird logo with Dogecoin’s Shiba Inu image.
- Despite being called “intentional carnival barking and market manipulation,” there is no record of Musk or Tesla representatives selling Dogecoin.
Why this matters
Major legal developments, such as the dismissal of Dogecoin’s $258 billion lawsuit, could impact how cryptocurrencies are regulated by authorities and perceived by the public.
Check out DailyCoin’s popular cryptocurrency news:
Crypto Lobbying Has Grow Tenfold, But It’s Still Catching Up
Will XRP Surge? Ripple’s Major Bank Deal Is Key