Dogecoin (DOGE), Elon Musk’s “Ponzi scheme”? The billionaire rejects the lawsuit

When Twitter barks – Publicity stunts and other tweetsElon Musk concerning cryptocurrencies, and especially the Dogecoin are well known in the cryptosphere. Indeed, the billionaire regularly and enthusiastically evokes his memefavorite corner, to the chagrin of some investors who felt manipulated. A joint complaint by the alleged victims was even filed. She claims, $258 billion to Elon Musk.

Is the DOGE the niche or the Ponzi scheme?

A flashback is in order. Of the investors have filed a collective complaint in the Court of the Southern District of New York in June 2022 against Elon Musk. In this complaint, the billionaire, and his companies, would be responsible for loss of funds that they have invested in memecoin. Complaining thus of having fallen into a typical scheme of the Ponzi pyramids, the accusers therefore seek $258 billion.

In detail, the American television show Saturday Night Live in which Elon Musk participated in 2021 was taken as an example. At the time, during a sketch, the billionaire played an investor who then called Dogecoin “ scam“. What the Doge’s course at the time responded with a 25% drop. It went from $0.66 at the start of the show to $0.50 at the end of the program.

Examples of Elon Musk’s influence on Dogecoin are numerous. They don’t just stop at this TV show. Some of memecoin’s haters even go so far as to say that the value of this cryptocurrency was built on the billionaire’s own popularity. The original case file even accuses Elon Musk of having:

Used his pedestal as the richest man in the world to mine and manipulate the Dogecoin pyramid. »

Excerpt from the class action against Elon Musk – Source: Le Journal Du Coin

Does Elon Musk make it rain or shine with Dogecoin?

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When Elon Musk and the plaintiffs look at each other like a faience dog

Hodler- holders – BTC and DOGE inveterate when the market fell in March 2022, communicating unparalleled on Twitter, his playground and now his property, the billionaire is accused of having increased the price of Dogecoin “by more than 36,000% over two years, and then let it fall apart”. In this sense, we can also remember that even recently, the purchase of Twitter by the billionaire had given a energy boost during the DOGE.

In this context, Elon Musk has always denied responsibility for the facts. Rather, he underlined on the contrary his involvement in the Doge networkespecially with developers.

For their part, the billionaire’s lawyers described Elon Musk’s various statements on Twitter as ” harmless and often stupid tweets”. They dismissed the complaint, noting that:

“Tweeting words of support or funny pictures about a legit cryptocurrency that continues to have a market capitalization of nearly $10 billion. »

Statement from Elon Musk’s lawyers – Source: CoinTelegraph

Built on a joke, the embodiment of the memecoin and backed by a powerful community, DOGE has made its way into the cryptosphere. Moreover, the company Tesla, a giant of the automobile and property of Elon Musk, accepts the Bitcoin and Dogecoin payments. It would even seem that the next challenge of the whimsical billionaire, is to make accept your favorite cryptocurrency, DOGE at McDonald’s.

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