- The lawsuit asserted that Elon Musk propped up Dogecoin’s bull run.
- DOGE Designer gives a crucial update on XPayments launch process.
- Tesla lawyers deem the judge’s decision good for Dogecoin’s growth.
Tesla, SpaceX and X owner Elon Musk has won the ground-breaking Dogecoin (DOGE) pyramid case, initiated by investors. The $258 billion class-action lawsuit claimed that Musk and his affiliates intentionally rigged Dogecoin’s price during the 2021 bull run.
Musk’s Lawyer: “A Good Day for Dogecoin”
In addition, the Tesla crew was accused of conducting insider trading, driving up Dogecoin’s price by a whopping 36,000%, and then letting DOGE crash after taking substantial profits.
U.S. District Judge Alvin Hellerstein issued the decision to dismiss the lawsuit Thursday night. The decision came with prejudice, meaning the case cannot be brought up again. Commenting on the claims, the judge alleged that no reasonable person could rely on Elon Musk’s relevant tweets to pursue a securities fraud claim.
Moreover, the judge called Musk’s Dogecoin tweets “aspirational and puffery, not factual and susceptible to being falsified.” Musk’s lawyer team states that the meme-loving tech billionaire’s tweets should not be taken seriously.
In an email statement to Reuters, Tesla’s attorney Alex Shapiro described Musk’s messages as “innocuous and often silly tweets”, while the complete dismissal of the $258B Dogecoin manipulation case is truly “a very good day for Dogecoin”.
Dogecoin Cleared for XPayments Integration?
The legal developments can be favorable for Dogecoin’s integration into XPayments, the upcoming Peer 2 Peer (P2P) transaction system on X. If Musk decides to follow through with his promises to the Dogecoin community, the platform’s inclusion could bring DOGE back to the glory years.
Still 86% down from the all-time peak on May 8, 2021, Dogecoin hasn’t lost the spot on crypto’s TOP 10 by global market capitalization. With a loyal and active community, the Proof of Work (PoW) based Dogecoin could potentially be the centerpiece of X’s financial system.
Meanwhile, Doge Designer, a contributor and graphic designer on X, posted a crucial upgrade on XPayments. On August 28, the DOGE Army member boasted about X securing a money transmitter license in Maine, bringing the total number of acquired licenses to 36. With 14 states left, the DOGE Designer expects the full puzzle to be completed by the end of the year.
As of press time, DOGE trades at $0.1007, trading in a narrow channel over the past 24 hours. Despite a 20% monthly flop, Dogecoin is still 54% up yearly, soaring as high as $0.22 on April Fool’s Day, 2024.
On the Flipside
- The case claimed that Elon Musk sold approximately $124 million in Dogecoin (DOGE) in April 2023, when he changed Twitter’s original blue bird logo into Dogecoin’s Shiba Inu image.
- Despite being called “a deliberate course of carnival barking & market manipulation,” no records show that Musk or Tesla representatives have sold any Dogecoin.
Why This Matters
Major legal developments such as Dogecoin’s $258B case dismissal can shape the way crypto is regulated by authorities and perceived by the public.
Discover DailyCoin’s popular crypto news:
Crypto Lobbying Rose Tenfold, But It’s Still Just Catching Up
XRP Set for a Surge? Ripple’s Major Bank Deals Hold the Key
