Elon Musk has achieved a significant legal win in the $258 billion lawsuit accusing him of manipulating Dogecoin’s price. Investors had claimed that Musk used his tweets and public appearances to influence the meme coin’s value.
Background of the Case
The lawsuit, filed in July 2022, alleged that Musk’s tweets and comments on platforms like Saturday Night Live artificially inflated Dogecoin’s price. The plaintiffs sought $86 billion in damages, along with $172 billion in penalties for losses dating back to 2019.
However, a federal judge dismissed the claims of market manipulation in August 2024. While the plaintiffs initially appealed the decision, they officially withdrew their appeal on November 14, signaling the likely end of the legal battle.
Musk’s Response to the Lawsuit
Musk and his team had previously filed a motion to sanction the plaintiffs’ lawyers, labeling the lawsuit as frivolous. Following the withdrawal of the appeal, Musk also withdrew his motion for sanctions, aiming to conclude the case amicably.
“The case was baseless from the start,” Musk’s legal team commented, emphasizing the lack of evidence for any deliberate wrongdoing.
Dogecoin’s Market Reaction
Following this legal victory, Dogecoin’s price remained relatively stable. However, the cryptocurrency has seen fluctuations in recent weeks, influenced by broader market conditions and speculative trading.
Looking Ahead
This case highlights the challenges of proving market manipulation in the volatile world of cryptocurrency. For now, Musk’s win reinforces his influence within the crypto space while clearing his name in one of the largest lawsuits in the industry’s history.
