Bitrabo Editorial
A self-proclaimed “crypto influencer” named Keyur Rohit has expressed disappointment in Elon Musk’s alleged actions in the recent Dogecoin lawsuit. According to Rohit, the cryptocurrency market’s fundamental principles are based on trust and transparency, which Musk’s actions allegedly undermine if true. The allegations pertain to Musk’s use of his massive Twitter following and media appearances to artificially inflate the value of Dogecoin – and profiting from the ensuing chaos. Rohit pointed out that if investors lose faith in the fairness of the market because of Musk’s actions, they may be less likely to invest in cryptocurrencies, which may bring about a decline in overall crypto market value.
Dogecoin Investors Accuse Elon Musk
The lawsuit further alleges that Musk changed Twitter’s logo to the Dogecoin logo, fueling the frenzy around the cryptocurrency. Investors behind the lawsuit are seeking to establish Dogecoin as a security under The US Securities and Exchange Commission (SEC) standards, claiming that Musk played the market with insider knowledge.
The initial lawsuit was filed in June 2022, but the plot has “thickened” with Musk taking over Twitter recently, according to Rohit. Some speculate that the allegations could be an attempt to undermine Musk’s influence over the platform. The accusations against Musk are significant and, if proven, would have implications not only for Dogecoin but also for the entire cryptocurrency industry. Despite the mounting pressure, Musk has remained silent on the matter.
Despite the concerns, Rohit believes the lawsuit could bring about positive changes in the cryptocurrency market by establishing clear rules and regulations around market manipulation. The Dogecoin lawsuit against Elon Musk is still ongoing, sparking a conversation about the role of powerful individuals in the cryptocurrency market and the need for greater transparency and accountability.
DOGE Price Remains Stable
As of writing, DOGE’s price remains stable, with no significant movement seen since a steep decline starting on April 3rd. On this date, the meme coin reached its peak for the year with a value of $0.1050 shortly after Elon Musk changed Twitter’s logo to feature the Dogecoin symbol. DOGE is presently trading at a value of $0.0717.
– Featured image from Unsplash, chart from TradingView.com