Catenaa, Wednesday, November 20, 2024 – A class-action lawsuit accusing Elon Musk of manipulating Dogecoin prices was dismissed, with both sides agreeing to drop their motions and appeals.
The case, rooted in Dogecoin’s 2021 surge to $0.70 amid Musk’s tweets and public statements, had been previously dismissed in August.
US District Judge Alvin Hellerstein ruled Musk’s statements were “aspirational and puffery” and not grounds for securities fraud claims.
The dismissal coincides with Musk’s appointment as head of President-elect Donald Trump’s Department of Government Efficiency, nicknamed “DOGE.”
Dogecoin has more than doubled in value since Election Day, trading at $0.36 and reaching a market cap of $53 billion.
Elon Musk, a self-proclaimed fan of the meme-coin, stated he enjoyed Dogecoin for its humor and memes, denying allegations of insider trading or suspicious transactions.
Dogecoin, originally created as a joke in 2013, remains a popular cryptocurrency despite its volatile history.
