According to new information published in the media, Elon Musk and Tesla are facing new charges related to market manipulation and insider trading. This is a lawsuit that crypto investors have filed, claiming damages worth $258 billion.
This is the third amendment in the lawsuit, after the allegation was first raised in June 2022. After a year, in April 2023, famous billionaire Elon Musk once again attracted attention when he sold more than 124 million USD worth of DOGE tokens, after he changed Twitter’s logo to the image of a Shiba dog. Inu, pushed the price of Dogecoin up 30%.
According to the filing, Dogecoin’s price skyrocketed as much as 36,000% in two years, before falling into a widespread decline in the cryptocurrency market.
The rise of Dogecoin in early 2021 also coincided with a boom in the global crypto market, with support from Elon Musk. He has repeatedly tweeted about the cryptocurrency, based on an icon based on a meme, and also mentioned it on NBC’s comedy show Saturday Night Live in April 2021.
Currently, the investors behind the lawsuit are trying to establish Dogecoin as a security subject to the standards of the US Securities and Exchange Commission (SEC), and claim that Elon Musk has entered the market. this with inside information.
Some have also hypothesized that the allegations may be an attempt to undermine Elon Musk’s influence over social media platforms.
There is no denying that the allegations against Elon Musk are serious, and if proven true, could have significant implications not only for Dogecoin but also for the entire crypto industry. Generally speaking.
However, despite the growing pressure, Elon Musk has remained silent on the matter, leading many to question his next move.
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