Elon Musk Fueled Dogecoin (DOGE) Rise Ends in Crash


Dogecoin (DOGE) is struggling to hold onto its weekend gains and slipped lower again after the latest statement fromElon Musk. The “meme” cryptocurrency had a bumper day yesterday, rising in value after the CEO of You’re here and SpaceX claimed that he would continue to support and buy the cryptocurrency.

Source: AdobeStock/Igor Faun

At one point, the 11th-largest currency by market cap rose 24% from its daily low of around $0.0501 to a relative high of $0.0622. However, it has since been trading lower.

At 8:12 UTC this Monday morning, DOGE changed hands at $0.058. It is up 5.4% in the past day and down 9% in a week. It is also down 31% over one month and 80% over one year.

Evolution of the price of DOGE over 24 hours. Source: coingecko.com

This brief price hike came after Musk tweeted that he “will continue to support Dogecoin.” In response to a user who said “keep buying then”, Musk claimed that he does.

Source: elonmusk/Twitter

As Musk reiterates his support for Dogecoin, the billionaire is being sued for US$258 billion for apparently manipulating the price of Dogecoin with his tweets.

According to the complaint filed by keith johnson in New York, the plaintiff accuses Musk and his companies, Tesla and SpaceX, of running a “pyramid scheme” to inflate the price of meme currency.

“[Musk, Tesla et SpaceX] knew since 2019 that Dogecoin had no value, yet promoted Dogecoin. Musk used his position as the richest man in the world to exploit and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement,” the complaint states.

Johnson asked the court for $86 billion in damages, as well as “triple damages of $172 billion.”

Follow our affiliate links:

  • To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
  • To buy cryptocurrency in Canadavisit Bitbuy
  • To generate interest with your bitcoinsgo to the BlockFi website
  • To secure or store your cryptocurrenciesget Ledger or Trezor wallets
  • To trade your cryptos anonymouslyinstall the NordVPN app

To invest in cryptocurrency mining or masternodes:

To accumulate coins while playing:

  • In poker on the CoinPoker gaming platform
  • To a global fantasy football on the Sorare platform

Stay informed with our free weekly newsletter and to our social networks:



Source link -95