What Does Musk’s Latest Dogecoin Post Mean?

Elon Musk used the letters “DOGE” as an abbreviation for “Department of Government Efficiency” in a visual created with artificial intelligence. This statement coincides with rumors that Musk will serve in the government if Donald Trump is elected president. The post included references to both politics and cryptocurrencies.

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The Effect of the Post on DOGE Price

Following Musk’s post, Dogecoin, which was traded at $ 0.092 over the weekend, increased by approximately 6% today, rising to $ 0.098. However, although the market has been slightly bullish since the weekend, it can be said that Musk’s post has had a limited impact on the DOGE price.

Has the Impact of Musk’s DOGE Posts Diminished?

In the past, Elon Musk’s posts about DOGE would cause large and sudden increases in the price of Dogecoin. However, recently, the impact of such posts has been seen to have diminished compared to the past. Although Musk has a positive approach to Dogecoin, he has not taken any concrete steps regarding the cryptocurrency in recent years. In addition, the $258 billion lawsuit filed last year against Elon Musk and Tesla for allegedly engaging in a pyramid scam with Dogecoin was recently concluded in Musk’s favor.

These developments show that Musk’s DOGE posts no longer have as big a price impact as they used to.

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Background to Elon Musk’s Dogecoin Lawsuit

Investors who lost tens of thousands of dollars in Dogecoin had accused Elon Musk and Tesla of using Dogecoin as a Ponzi scheme. According to the allegations, it was alleged that Musk artificially increased the price with his tweets about Dogecoin and that the price was further manipulated when Tesla announced that it would accept Dogecoin as a payment method for souvenirs.

The lawsuit, which lasted about two years, concluded yesterday and the court rejected the claims. Judge Alvin Hellerstein stated that Elon Musk’s statements were not of a nature to mislead investors, and that such statements were more aspirational and entertaining. Hellerstein also said that Musk and Tesla’s “pump and dump” claims could not be proven.

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Plaintiffs’ attorney Evan Spencer announced that they planned to appeal the court’s decision. Spencer said, “Musk’s statements and posts were not just exaggerated statements; they were much more than that. As a result, millions of people lost billions of dollars,” and indicated that the fight would continue.

Although the dismissal of the case was seen as a major victory for Musk and Tesla, the plaintiffs’ decision to appeal indicates that the issue will remain on the agenda for a long time in the legal process.

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The post Good News from the Court in Elon Musk and Tesla’s Dogecoin Lawsuit appeared first on Coin Engineer.