Dogecoin (DOGE): Elon Musk accused of “insider trading” by memecoin investors

Memecoins, a game of chance? – Whether Bitcoin (BTC), as a universal monetary network without an intermediary, or Ethereum (ETH), as a smart contract platform, can claim to be a investmentIt is more complicated to say the same for a memecoin. Indeed, these latest cryptos are mainly based on a nice logo and a lot (a lot) of speculation. We will still use the term“investors” to qualify for plaintiffs against Elon Muskwho accuse him of manipulating Dogecoin (DOGE) prices to his advantage.

A small complaint to 258 billion dollars (more than the GDP of Portugal)

Almost a year ago, mid-June 2022, crypto investors joke Dogecoin have filed a complaint against Elon Muskconsidering himself wronged by the billionaire for having made them take the decision to invest (bet?) in this memecoin.

These disappointed crypto fans with the iconic smiling Shiba dog were clamoring for the trifle of $258 billion in total damages to the buyer of Twitter (who has acquired this social network for 44 billion dollars in October 2022).

As CNBC notably reminds us, at the end of March 2023, Elon Musk and his lawyers asked for the classification without follow-up of this complaint, qualified as“fantastic work of fiction”. However, this Wednesday, May 31, the plaintiffs again filed a amended complaint against the CEO of Tesla.

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Elon Musk allegedly committed insider trading with his favorite Dogecoin?

In the new lawsuit filed in the Court for the Southern District of New York, the multiple posts and others memes published by Elon Musk on the crypto-doggie would be so many “publicity stunts” aimed at achieving “lucrative operations” with the DOGE course.

” [Les actions d’Elon Musk] are a deliberate course of carnival (sic) barking, market manipulation and insider trading. »

Excerpt from amended complaint

Accusers complain that SpaceX CEO sent the price of memecoin skyrocketing “by more than 36,000%” in two years, then “let it fall apart”. Others could probably thank him for turning $100 of DOGE into over $36,000, but it had to be bought and sold at the right time for that.

This does not prevent thatElon Musk seems to have calme in his enthusiasm for Dogecoin. Indeed, in a recent interview, the whimsical billionaire clearly not recommended to bet all the savings of a life in Dogecoin. Obviously when we talk about a memecoin with a volatility of tens (or even hundreds) of percent, but still obviously good to remember.

The DOGE, the one and only, the authentic original Shiba Inu has won its letters of nobility. The proof: it is one of the cryptos listed on the largest exchange. Register quickly on the Binance platformTHE gold standard in the industry, and save 10% on your trading fees by following this link (trade link).

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