Elon Musk Seeks Dismissal of Dogecoin Lawsuit: What Does It Mean for DOGE?

• Elon Musk’s legal team is pursuing the dismissal of a lawsuit between him and a group of Dogecoin investors
• The lawsuit was filed in New York District Court by Evan Spencer Law, citing that Musk used his influence to control and manipulate Dogecoin for financial gain.
• Musk’s lawyer has filed a motion of dismissal with a New York Federal court as the complaint has lingered for too long.

Elon Musk Seeks Dismissal of Dogecoin Lawsuit

Elon Musk and his legal team are seeking to dismiss the longstanding DOGE lawsuit. Tesla’s CEO’s lawyers have filed a motion with a New York Federal court, citing that the matter has lingered for too long. Alex Shapiro, one of the lawyers representing Elon Musk described the complaint as an „abusive and belligerent litigation tactic“.

Musk’s Influence on DOGE

As is well known, Elon Musk is a significant player in the DOGE ecosystem and his tweets have had an incredible impact on its market performance. Riding on this influence, he has earned himself the nickname “Doge Father” amongst meme-coin enthusiasts. With this support from both retail and institutional investors globally, Dogecoin hit an All-Time High (ATH) in April 2021 but since then it has seen a dip of more than 80%.

Class Action Lawsuit Against Elon Musk

This led to Evan Spencer Law filing a class-action lawsuit against Elon Musk in New York District Court alleging wire fraud, gambling, false advertising, misleading acts, etc. The complaint further sought an injunction defining DOGE trading to be gambling under New York and federal law. In total they are seeking $258 billion in damages for compensation to investors who lost their funds during this period.

Musk Counter Response Triggers Price Gain

Since then the lawsuit has escalated and once led to Spencer accusing Elon Musk of being ‘reckless’ with his tweets about Dogecoin which resulted in some price gain following counter responses from him. A United States citizen Plaintiff Keith Johnson emphasized that SpaceX & Tesla Inc unjustly benefited up to $86 billion through these activities as well.

Conclusion: Does This Support or Hurt DOGE?