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- DOGE investors put up a class-action lawsuit against Elon Musk.
- The sudden Twitter logo change added fuel to earlier complaints.
- Crypto community debates if Musk switched the logo on purpose.
Twitter, Tesla, and SpaceX CEO Elon Musk’s crypto ventures have taken another unexpected turn. Several displeased Dogecoin (DOGE) investors penned a class-action lawsuit against ‘The Dogefather’ in a court filing in Manhattan this Wednesday. In further detail, the crypto investors allege that Musk deliberately pumped Dogecoin’s price only to sell it off later.
1️⃣ #Dogecoin investors are pointing fingers at the eccentric billionaire, accusing him of manipulating #DOGE's price for his own gain.
— Keyur Rohit (@CryptoKingKeyur) June 2, 2023
Did Elon Partake in a Deliberate Course of Carnival Barking?
The class-action lawsuit in Manhattan, New York, contains several allegations. For instance, the lawsuit alleges that Elon Musk has participated in a long-term “deliberate course of carnival barking.” The complaint claims that Elon Musk mastered how to “profit from chaos.”
On top of that, the market manipulation and insider trading case are not just linked to April’s Twitter logo change. According to the plaintiffs, this is systematic behavior by the extravagant billionaire, who uses his massive Twitter following, paid influencers, and insider knowledge to pump up his pockets.
As if that wasn’t enough, the plaintiffs claim to have collectively suffered billions of dollars in losses during the Twitter logo change to Dogecoin’s Shiba Inu mascot. The stunt by Elon had resulted in DOGE instantly spiking 30% in its market value, only to retrace the gains a couple of weeks later.
Thoughts?https://t.co/4ek18BL3ru
— Ðogecoin Whale Alert (@DogeWhaleAlert) June 2, 2023
On the Flipside
- The plaintiffs are attempting to put Dogecoin (DOGE) under the U.S. Securities and Exchange Commission (SEC) classification as a security.
- Many crypto personalities, including crypto-focused lawyers, argue that such classification is out of touch with reality, as Dogecoin is a Proof-of-Work (PoW) blockchain.
Why This Matters
Dogecoin is the largest PoW blockchain behind Bitcoin (BTC).
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