Dogecoin Lawsuit Against Elon Musk and Tesla Concludes

15 Nov 2024

The legal battle involving Elon Musk, Tesla, and Dogecoin has officially come to an end. Investors have opted to withdraw their appeal, effectively ending the lawsuit that accused Musk of manipulating the cryptocurrency market.

Originally, investors claimed Musk's social media presence and public statements, including a memorable appearance on NBC's “Saturday Night Live,” were strategic moves to inflate Dogecoin’s value for personal gain. The sought-after damages were a staggering $258 billion, as the complaint underwent multiple revisions over a two-year span.

However, on August 29, Judge Alvin Hellerstein dismissed the case. He reasoned that Musk's remarks, such as calling Dogecoin the “future currency of Earth,” couldn't reasonably be seen as fraudulent or manipulative. This week, in a significant development, investors have chosen to withdraw their appeal and dropped their motion to impose sanctions on Musk’s legal team for alleged misconduct.

In return, Musk and Tesla also withdrew their motion to penalize the investors' lawyer, labeling the lawsuit as “frivolous.” As a result, both parties submitted a stipulation to dismiss the case, pending final approval by Judge Hellerstein.

Technical Outlook
Despite the legal proceedings coming to a close, the price of Dogecoin (DOGE) remains largely unaffected. Currently, Dogecoin is down 1.66% in a consolidation phase. If any negative developments occur in the crypto market, Dogecoin (DOGE) might retrace to a support level of $0.31. Optimistically, some foresee a potential surge to $1, as reaching $0.41 isn't considered unrealistic for Dogecoin.

Moreover, some analysts suggest Dogecoin could eventually trade between $5 and $10, depending on the broader crypto environment. With a market cap of approximately $53 billion USD and a circulating supply of over 146 billion coins, Dogecoin is proving to be more than just a memecoin.


Conclusion
The conclusion of this lawsuit marks a significant chapter in the ongoing narrative of cryptocurrency regulation and celebrity influence. While the legal challenges have ended, the impact of this case may continue to resonate in discussions about market manipulation and the responsibilities of high-profile figures in the crypto space. As always, market watchers will be keenly observing how Dogecoin (DOGE) and other cryptocurrencies navigate these complex waters.