Elon Musk Dogecoin Lawsuit: Tesla To Bring Back DOGE Payments
Release: 2024/08/31 15:07 Reading: 926
Elon Musk Dogecoin Lawsuit
The U.S. district court dismissed the Dogecoin manipulation lawsuit against Elon Musk and Tesla, ruling that Musk's tweets were "aspirational" and not meant to be taken seriously.
Elon Musk Confirms Plan to Reopen Dogecoin Payment for Tesla
Following the legal victory, Elon Musk confirmed plans to reintroduce Dogecoin payments for Tesla merchandise. This move may pave the way for future DOGE payments for Tesla vehicles.
Growing Momentum for Dogecoin
Musk's support for Dogecoin is likely to boost its adoption as a payment method, particularly in light of the recent lawsuit dismissal.
Legal Dismissal and Background
U.S. District Judge Alvin Hellerstein dismissed the case, stating that "no reasonable investor" would have relied on Musk's tweets for investment decisions. The lawsuit, filed in 2022, had accused Musk and Tesla of manipulating DOGE's price through a pyramid scheme.
Positive Impact on DOGE Price
The news of Musk's plans and the dismissal of the lawsuit has been met with optimism by the cryptocurrency community, leading to a surge in DOGE's price.
Analysts Forecast Potential Rally
Some analysts believe that the lawsuit's dismissal and Musk's support could trigger a rally in DOGE's price, with predictions of a potential 50% increase or even a climb to $1.
Current Market Status
DOGE's price has experienced a 1% increase in the past 24 hours, trading at $0.101. Trading volume has also increased, suggesting growing interest among traders.
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