Elon Musk Seeks Dismissal of Dogecoin (DOGE) Lawsuit
- Elon Musk and his legal team are pursuing the dismissal of the long standing DOGE lawsuit.
- The lawsuit might serve as a major upside for the memecoin is dismissed.
The legal team of Tesla’s Chief Executive Officer (CEO) Elon Musk is seeking the dismissal of the lawsuit between the billionaire and a group of disgruntled Dogecoin (DOGE) investors, citing the fact that the matter has lingered for too long.
As a result, Musk’s lawyer, Alex Shapiro has filed a motion of dismissal with a New York federal court. In a letter supporting the motion, Shapiro described the complaint as an “abusive and belligerent litigation tactic” from the opposing counsel, adding that “Enough is enough.”
As is well known, X (formerly Twitter) owner Elon Musk is a significant player in the DOGE ecosystem and the market is undeniably heavily influenced by the tweets which he constantly shares. Riding on his influence, Musk has earned himself the nickname “Doge Father.”
As a leading memecoin in the ecosystem, coupled with Musk’s influence, DOGE has enjoyed huge support from both retail and institutional investors globally.
Compared to April 2021 when the altcoin hit an All-Time High (ATH), Dogecoin has seen an outrageous dip in price by more than 80%, with some of these losses attributed to Eon Musk.
This led to the filing of a class-action lawsuit in the New York District Court by Evan Spencer Law. Precisely, Evan Spencer, the lead lawyer in the class-action lawsuit against Musk stated that the Tesla boss “used his eminence as the World’s Richest Man to control and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and pleasure.”
Furthermore, a United States citizen Plaintiff Keith Johnson emphasized that Musk and his firms SpaceX and Tesla Inc unjustly benefited up to $86 billion from wire fraud, gambling, false advertising, misleading acts, and other illegal behavior. In addition, the lawsuit sought an injunction defining DOGE trading to be gambling under New York and federal law. In the end, the lawsuit seeks the sum of $258 billion in damages and for compensation to investors who lost their funds.
Elon Musk Counter Response to DOGE Lawsuit Triggers Price Gain
From that time till now, the lawsuit has escalated and once led to Spencer filing a request to have Musk’s lawyers thrown off the case. The U.S. lawyer claimed the defendants are using their bottomless war chest to finance an unlawful harassment campaign against him and his clients. Therefore, they should be financially sanctioned for resorting to such dirty tactics during pre-trial proceedings.
Musk requested that the court drop the lawsuit on the basis that it is a work of fiction with a lack of merit and to further secure his victory, he added more lawyers to his legal team. He stated that Spencer had prior knowledge of the false basis of his case before initiating legal proceedings, marking a new offensive strategy from Musk and his legal team.
Following this counter statement from the self-acclaimed Doge Father, DOGE price jumped by 3% going from $0.07 to $0.073. With the latest motion filing for lawsuit dismissal, DOGE is currently trading at $0.07544 after gaining 2.54% in the last 24 hours and a dismissal might be perceived as a vote of confidence, not just from Musk but also from the justice system, a development that will have tremendous upside for price growth.
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