Keyur Rohit, a self-rated ‘crypto-influencer’ has, weighing In the recent Dogecoin (DOGE) case against Elon Musk. Rohit expressed disappointment in Musk’s alleged actions, stating that they went against the basic principles of the cryptocurrency market.
According to Rohit, the cryptocurrency market is built on trust and transparency. Investors trust that the market is fair and open to all participants, without undue influence from powerful individuals. Musk’s alleged actions, if true, would undermine that trust and make it harder for honest investors to succeed.
Rohit’s allegations center around Musk using his massive Twitter following and media appearances to artificially inflate the value of Dogecoin, all while capitalizing on the ensuing chaos. The lawsuit alleges that Musk’s actions were a deliberate ploy to line his own pockets while exploiting the hopes of vulnerable investors.
Rohit also expressed concern about the impact of Musk’s alleged market manipulation on the broader cryptocurrency market. If investors lose faith in the fairness of the market, they may be less likely to invest in cryptocurrencies, which leads to a decline in the overall market capitalization.
Dogecoin investors are accusing Elon Musk
The lawsuit also claims that Musk changed the Twitter logo to a Dogecoin logo, which added to the frenzy around the cryptocurrency. The investors behind the lawsuit are seeking to establish Dogecoin as a security under the standards of the US Securities and Exchange Commission (SEC), claiming that Musk played the market with inside knowledge.
The initial complaint was filed in June 2022, but with Musk’s recent takeover of Twitter, the conspiracy has “intensified,” according to Rohit. The timing of the allegations is certainly interesting, given Musk’s increased involvement with Twitter and the subsequent decline in its value. Some have speculated that the allegations may be an attempt to undermine Musk’s influence on the social media platform.
The accusations against Elon Musk are undoubtedly serious, and if proven true, could potentially have significant implications not just for Dogecoin but for the entire cryptocurrency industry. Despite the mounting pressure, Musk has remained silent on the matter, leaving many to speculate on his next move.
Despite these concerns, Rohit is hopeful that the lawsuit will bring positive change to the cryptocurrency market. By establishing clear rules and regulations about market manipulation, the market can become more transparent and reliable for all participants.
The Dogecoin lawsuit against Elon Musk is still ongoing, and the outcome is uncertain. However, whatever the outcome, it sparked an important conversation about the role of powerful individuals in the cryptocurrency market and the need for more transparency and accountability.
DOGE price is stable
As of this writing, the price of DOGE has remained relatively stable, with no significant movement since it experienced a sharp decline starting from April 3rd. This was the date when the meme coin reached its peak for the year, reaching a value of $0.1050 shortly after Elon Musk changed the traditional Twitter logo to feature the Dogecoin symbol. Currently, DOGE is trading at $0.0717.
Featured image from Unsplash, chart from TradingView.com