Doge fans were thrown under the bus when one of their most ardent celebrity supporters claimed he didn't own any Dogecoin. The success of Dogecoin largely relies on the backing of its community, therefore, discovering that someone believed to be a member of the community was disavowing the project carried a significant stigma.
For starters, Elon Musk is one of the few popular personalities that buy the idea of Dogecoin and its ecosystem. Going through Elon Musk Dogecoin tweets, you would see how he supported the project. At some point, the billionaire even claimed Dogecoin was the only cryptocurrency he would love to use as a payment option.
It seems Elon Musk has changed his stance toward his favorite cryptocurrency. In fact, the way he denied Dogecoin made him seem like a snitch. But with the situation surrounding the denial, you can't really blame Elon Musk.
According to a letter reviewed by the New York Post, a group of Dogecoin investors has accused Elon Musk of manipulating the cryptocurrency for his personal financial gain. However, Musk's lawyer, Alex Spiro, has denied the allegations and stated that the billionaire does not own or manipulate the price of Dogecoin.
"You specifically allege, without basis, that the following wallets ‘belong’ to Defendants. You are wrong," Elon Musk’s lawyer claimed.
Elon Musk Accused of Insider Trading
In a series of accusations relating to Elon Musk Twitter and physical activities, the plaintiffs of this case claimed Elon Musk engaged in some sort of Insider trading to profit from the price of Dogecoin.
The plaintiffs of this case sought to amend their charges earlier this month; they claimed some Elon Musk Dogecoin tweets aimed to manipulate the price of Dogecoin in the market.
They also accused him of appearing on Saturday Night Live to manipulate the Dogecoin price by deploying influencers to talk about the cryptocurrency. Once the price of Dogecoin rises from the outcome of these shows, Elon Musk will quietly trade them and make massive profits.
There was a major claim from the plaintiffs of this case. Remember when Elon Musk changed the Twitter logo from the bird to that of the Shiba Inu dog? The plaintiffs of this case claimed that it was also part of Elon Musk's plans to manipulate the market using such activities. One of their claims was that Elon Musk sold $124 million worth of the meme coin after the cryptocurrency increased by 30% after the Twitter logo change.
Elon Musk at one time as well unveiled his doge as the new CEO of Twitter. The image instantly went viral, and the price of dogecoin instantly surged.
Elon Musk's Lawyer Terms Case as Useless
Alex Spiro, the lawyer handling the case between Elon Musk and Dogecoin investors, said the case against the billionaire was baseless. He pointed out that the claims surrounding Elon Musk were without evidence. His Twitter tweets, appearing on several shows to talk about Dogecoin, and the change of the Twitter logo were purely normal.
Elon Musk’s lawyer told the case's plaintiffs to find more concrete evidence if they want the case to head anywhere. "The sole basis for your claim is that these wallets sold Dogecoin at a time when, according to the Third Amended Complaint, prices were up," Elon Musk's lawyer told the plaintiffs.