A “Dogefather” more convinced than ever? We learned in recent days that Elon Musk was summoned to court, accused of trying to influence the price of Dogecoin (DOGE). But the billionaire does not seem worried, as he says he will continue to support memecoin.
What is Elon Musk being accused of?
Last week, a plaintiff, Keith Johnson, filed a lawsuit in Manhattan federal court. Claiming a hefty sum – $258 billion in damages – the man claimed that Elon Musk had abused his position to influence the price of Dogecoin.
It must be said that the billionaire has been particularly vocal about DOGE in recent months, so much so that some predicted legal problems of this kind. Clearly enjoying posting cryptic tweets on the subject, he displays unwavering support for memecoin, which he plans to integrate into some Tesla and SpaceX services.
Elon Musk had moreover admitted that he wanted to boost the cryptocurrency’s price, as he stated last July:
“Okay, sometimes I pump, but not dump. I really don’t believe in driving the price up and then selling.”
Elon Musk reaffirms his support for Dogecoin
Still, this is precisely what he has been informally accused of for several months, and now formally thanks to this court case. But the boss of Tesla does not seem particularly worried by this case. He tweeted yesterday that he would continue to support Dogecoin :
The tweet elicited the usual thousands of responses, including one that asked Elon Musk to continue buying Dogecoin. A request to which he responded in the affirmative :
Musk’s stance isn’t entirely a surprise, given his historical levity when it comes to responding to accusations of “pump & dump.” But could this court case become a thorn in the side of the billionaire? For his finances, it will undoubtedly be a pittance. But it could mark a turning point for Dogecoin.
