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Elon Musk is accused of of Dogecoin manipulation

2 min read

Tesla and SpaceX CEO Elon Musk is facing charges of alleged insider trading and price manipulation related to Dogecoin (DOGE). How Reuters reported, the SpaceX founder has to answer in court to investors who are said to have cost billions of dollars in his alleged price manipulations.

Elon Musk and the Dogecoin course (DOGE)

As Reuters further reports, a lawsuit was filed in Manhattan on Wednesday night, stating that through Twitter posts and paid influencers, his appearance on the television show “Saturday Night Live” and similar appearances, Musk is said to have ensured that to artificially inflate the Dogecoin course (DOGE).

The suing investors also accused Elon Musk of selling 124 million USD worth of Dogecoin in April this year after he reportedly swapped the Twitter logo for the Dogecoin logo, ultimately leading to a sharp surge in Dogecoin course had led.

The Tesla founder and the crypto space

However, observers of the scene should not really be surprised by the lawsuit. After all, it has been possible for some time to see how Elon Musk had seemingly effortlessly inflated the Dogecoin course (DOGE) through Twitter posts and similar public statements.

One can find little understandable reasons for Elon Musk’s enthusiasm for the so-called memecoin “DOGE”. After all, the coin is designed as a fun coin with no real use. Conversely, this means that one is dealing here with a pure object of speculation.

It remains to be seen whether the Dogecoin course (DOGE) will be affected by the lawsuit. At press time, it was unimpressed at 0.0072 and up 0.76 percent on the day.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.