In the $258 billion lawsuit against Dogecoin fan Elon Musk, lawyers defended Tesla CEO & claimed that tweets in support of Dogecoin are not unlawful activities.
Elon Musk is one of the biggest fans of Dogecoin (Doge) cryptocurrency. He holds Bitcoin, Ethereum & Dogecoin in his portfolio. In 2020, Musk started to support Dogecoin. Under the leadership of Tesla CEO, Dogecoin price surged by more than 350 times in between Q4 2020 to Q2 2021. The last time a big shout-out by Musk about Dogecoin came came during the show “Saturday Night Live (SNL)”.
On 1 April 2023, Reuters reported that Musk’s lawyers defended Tesla CEO in the 31 March hearing. Defence lawyers said that Musk’s tweets about Doge are not enough to take any legal action against him or prove any fraud charge.
Layers reportedly said:
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
Dogecoin pump & Lawsuit
In mid of 2021, the price of Dogecoin was trading at nearly $0.68 and at that time many new crypto investors jumped into Dogecoin investment because of the worldwide popularity of Dogecoin under the influence of Elon Musk.
Just after the Saturday Night Live (SNL) show, Dogecoin started to plunge badly, obviously, as a part of negative market sentiments & also China’s blanket ban news played an important role to bring a high level of negativity to the crypto market.
In the Dogecoin price downfall with a very big difference, many people panicked & lost huge amounts of money. However, Musk never suggested people invest money in Dogecoin and also warned people not to invest all their money in crypto because of its high volatility.
Read also: Cardano founder says nation-states will adopt Cardano (ADA) within 5-10 years
Elon Musk’s lawyers say nothing unlawful about tweeting in support for Dogecoin
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