Dogecoin lawsuit against Elon Musk dropped amid market surge
Quick Take The lawsuit stems from when dogecoin surged to all-time highs in the summer of 2021. A fourth amended complaint was originally dismissed on Aug. 29, but both Musk and investors filed cross-motions last month.

A group of Dogecoin investors has finally ended their class-action lawsuit against billionaire Elon Musk which claimed the Tesla CEO manipulated the price of the memecoin back in 2021.
A fourth amended complaint was originally dismissed on Aug. 29 but both Musk and the investors filed cross-motions and appeals last month, according to Reuters. "A stipulation dismissing the appeal and both sides' motions was filed on Thursday night in federal court in Manhattan and requires approval by U.S. District Judge Alvin Hellerstein," the report states .
The case stems from when dogecoin surged to all-time highs in the summer of 2021. With his frequent tweets about both the coin and the meme, dogecoin shot up in price from under $0.10 a share to around $0.70.
"Investors accused Musk of using Twitter posts, an appearance on NBC's 'Saturday Night Live' and other stunts to trade dogecoin at their expense, including by timing trades to Musk's public statements and activities," Reuters reports.
"These statements are aspirational and puffery, not factual and susceptible to being falsified. They cannot be the basis of 10b-5 lawsuit and no reasonable investor could rely upon them," Hellerstein wrote in the Aug. 29 dismissal.
Musk and DOGE
The timing is interesting, if not coincidentally, that it happened the same week Musk was named head of President-elect Donald Trump's new Department of Government Efficiency , better known as "DOGE." The initiative will aim to drive large-scale structural reform from outside the U.S. government and take an unprecedented "entrepreneurial approach."
Dogecoin traded around $0.36 at publication time, more than doubling in price since Election Day on Nov. 5. As of Nov. 15, DOGE is the sixth-largest cryptocurrency with a market cap of $53 billion, according to The Block's price page .
Dogecoin was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer. “I’m actually not actively involved in crypto,” Musk said last month. “I make Dogecoin jokes and stuff because I just kind of like Dogecoin. Because it’s got the best sense of humor, and it has dogs and memes, and I love all those things.”
The class-action complaint at one point claimed Musk engaged in insider trading when he allegedly sold $124 million in dogecoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Web3 ai Could Lead 2025’s Best Cryptos With 1,747% ROI, Outshining Toncoin & Chainlink’s Performance
Toncoin (TON) and Chainlink (LINK) show strong market positions, but Web3 ai’s AI-driven platform and sub-$0.001 price point may offer greater potential for exponential growth.Toncoin (TON): Leveraging Telegram’s Ecosystem for GrowthChainlink (LINK): Technical Indicators Point to Potential BreakoutWeb3 ai: Affordable Entry with AI-Driven Security ToolsClosing Thought

Ethereum Set to Soar Past $4,000 Again
Ethereum eyes a comeback above $4,000 with a projected 55% surge amid rising market optimism.What’s Driving the Ethereum Rally?Could Ethereum Break Past Its All-Time High?

Lark Davis: Best Time to Make Money in Crypto
Crypto analyst Lark Davis says this is the best time to make money in crypto. Here’s why you should pay attention now.Why This Window Matters So MuchHow to Lock In for Maximum Gains

Top Rated Cryptos to Buy in 2025: BlockDAG, Tron, Polygon, and Polkadot Line Up Ahead of Q3 Shift
Explore the top rated cryptos to buy in 2025, featuring BlockDAG’s limited-time 'Double Your BDAG' offer, and why Tron, Polygon, and Polkadot are gaining strong attention this year1. BlockDAG (BDAG)2. Tron (TRX)3. Polygon (MATIC)4. Polkadot (DOT)Closing View on Key 2025 Contenders

Trending news
MoreCrypto prices
More








