Elon Musk changes Twitter logo to Doge (up 25%) and asks judge to dismiss $258 billion ‘Dogecoin-pump’ lawsuit

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Last Updated on 4 March 2024 by CryptoTips.eu

Elon Musk, the richest man in the world, is being sued for $258 billion for illegally pumping (and then dumping) the price of Dogecoin, the most famous meme cryptocoin. Musk’s legal team has asked the judge to quash the charges against him. Yesterday, Elon changed the Twitter logo to the dog of Doge and sent the coin soaring 25%. At the time of writing, Dogecoin trades for 10 cents. Yesterday morning it traded for 8 cents only. Social media is going absolutely crazy over the move.

Elon’s lawyers must be worried.

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Saturday Night Live

According to the indictment, Musk first caused the value of Dogecoin to increase in 2020 and 2021 by increasing attention to the memecoin with his Tweets about it. Afterwards, during an appearance on the very popular television program Saturday Night Live, Musk said that Dogecoin was a “hustle” after which, according to the indictment, the value of Dogecoin collapsed.

The group of investors who are suing Musk claim that they lost a lot of money due to the performance of the Tesla CEO on television and therefore want compensation. They are demanding $258 billion from Elon Musk.

Musk’s lawyers called the indictment a “fanciful work of fiction.”

There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,’ Musk’s lawyers responded. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”

36.000%

Of course, the new boss of Twitter has to pay walk a fine line. He just ended a court case about Tweets influencing the Tesla share price and may now have to start another case about influencing the Dogecoin price.

The lawsuit accused Musk of driving up dogecoin’s price “more than 36,000% over two years and then letting it crash,” using “his pedestal as world’s richest man to operate and manipulate the dogecoin pyramid scheme.”

Musk has previously admitted he personally owns some Dogecoin, as well as some Bitcoin and Ethereum.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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