In a lawsuit filed in Manhattan court, a group of investors accuse Elon Musk of using his influence on Twitter to manipulate the price of Dogecoin, resulting in billions of dollars in losses. The investor group alleges that Musk took actions such as posting on Twitter, paying influencers, participating in NBC’s Saturday Night Live TV show, and other actions aimed at influencing the price of the company. Dogecoin for profit. They claim that Musk blew the price of Dogecoin up 36,000% in two years, then let it plummet. Elon Musk and his attorney were not immediately available for comment.
Dogecoin was originally created as a joke in 2013 and is inspired by the Doge meme featuring the dog Shiba Inu. During its development, Musk has frequently supported Dogecoin on Twitter, and each time he tweets about it, the price of Dogecoin usually increases dramatically. Dogecoin is unlimited and based on Litecoin, with a faster mining speed than other cryptocurrencies.
This case is waiting to see the final outcome from the court and cannot reach a conclusion as to whether Elon Musk did anything right or wrong. It also reminds us that the cryptocurrency market is highly volatile and that an accurate assessment of the impact of an individual or event on sensor prices requires thorough analysis and comprehensive evaluation.
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