Home NFTs Dogecoin Drama: Elon Musk Faces Lawsuit For Alleged Crypto Market Manipulation

Dogecoin Drama: Elon Musk Faces Lawsuit For Alleged Crypto Market Manipulation


Keyur Rohit, a self-denominated “crypto influencer”, has weighed in on the latest Dogecoin (DOGE) lawsuit in opposition to Elon Musk. Rohit has expressed his disappointment in Musk’s alleged actions, stating that they go in opposition to the core ideas of the cryptocurrency market.  

In accordance with Rohit, the cryptocurrency market is constructed on belief and transparency. Buyers belief that the market is honest and open to all individuals, with none undue affect from highly effective people. Musk’s alleged actions, if true, would undermine this belief and make it tougher for sincere traders to succeed.

Rohit’s claims are centered round Musk’s use of his large Twitter following and media appearances to artificially inflate the worth of Dogecoin, all whereas cashing in on the following chaos. The lawsuit alleges that Musk’s actions have been a deliberate ploy to line his pockets whereas exploiting the hopes of weak traders.

Rohit additionally expressed concern in regards to the affect of Musk’s alleged market manipulation on the broader cryptocurrency market. If traders lose religion within the equity of the market, they might be much less more likely to put money into cryptocurrencies, resulting in a decline in general market worth.

Dogecoin Buyers Accuse Elon Musk

The lawsuit additionally claims that Musk modified Twitter’s emblem to the Dogecoin emblem, additional fueling the frenzy across the cryptocurrency. The traders behind the lawsuit are in search of to ascertain Dogecoin as a safety beneath the US Securities and Change Fee (SEC) requirements, claiming that Musk performed the market with insider data.

The preliminary grievance was filed in June 2022, however with Musk’s latest takeover of Twitter, the plot has “thickened”, in response to Rohit. The timing of the allegations is definitely attention-grabbing, given Musk’s elevated involvement with Twitter and the next drop in its worth. Some have speculated that the allegations might be an try and undermine Musk’s affect over the social media platform.

The accusations levied in opposition to Elon Musk are undeniably grave and, if discovered to be true, might doubtlessly have vital implications not just for Dogecoin however for the whole cryptocurrency business as an entire. Regardless of the mounting strain, Musk has remained silent on the matter, leaving many to invest on his subsequent transfer.

Regardless of these considerations, Rohit is hopeful that the lawsuit will result in constructive change within the cryptocurrency market. By establishing clear guidelines and rules round market manipulation, the market can change into extra clear and reliable for all individuals.

The Dogecoin lawsuit in opposition to Elon Musk continues to be ongoing, and the end result is much from sure. Nevertheless, whatever the end result, it has sparked an essential dialog in regards to the function of highly effective people within the cryptocurrency market and the necessity for better transparency and accountability.

DOGE’s sideways worth motion on the 1-day chart. Supply: DOGEUSDT on TradingView.com

DOGE Value Secure

As of the time of writing, the worth of DOGE stays comparatively secure, with no vital motion since experiencing a steep decline beginning on April third. This was the date when the meme coin reached its peak for the 12 months, hitting a price of $0.1050 shortly after Elon Musk modified the normal Twitter emblem to characteristic the Dogecoin image. Presently, DOGE is buying and selling at a price of $0.0717.

-Featured picture from Unsplash, chart from TradingView.com 

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