April 12, 2024

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  • A Dogecoin investor filed a $258B lawsuit against a Tesla billionaire.
  • He seeks to stop Elon Musk and others from endorsing the meme token.
  • Moreover, Johnson wants Dogecoin investment classified as gambling under New York and federal state law.

The suit alleges that Elon Musk and his firms racketeered to propel Dogecoin prices high. Keith Johnson, an investor, claims that the Tesla executive and his firms promoted the canine-themed coin as a legit investment, which it lucks value. He represents many investors that have lost cash by investing in DOGE.

Dogecoin Has No Value: Investor Claims

Johnson filed a complaint in Manhattan federal court, saying the defendants deceptively and falsely advertised Dogecoin as a lucrative investment when it lacked value. The suit continued that Dogecoin isn’t a currency, security, or stock. Moreover, the meme token lacks backing.

He added that Dogecoin is a fraud deceiving ‘greater fools’ to purchase the asset at higher prices. Meanwhile, Johnson seeks $86B in losses and another $171 billion in other damages. The investor also wants to block Elon Musk and his firms from advertising DOGE.

Moreover, he wants DOGE trading categorized as gambling under New York and federal state law. Dogecoin price responded to this news with a 6% drop.

The complaint stated that DOGE’s crash started after Musk appeared on NBC’s SNL show. Dogecoin started declining after the Tesla billionaire called it a hustle. Meanwhile, Musk has been commenting in the crypto space and often triggered impacts on price movements. Johnson likely referred to Musk’s effect and Dogecoin price response. Musk’s Twitter posts contributed to Dogecoin upswings towards last year’s lifetime highs.

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Also, the complaint aggregated remarks from Bill Gates, Warren Buffett, and others quizzing the value of crypto. It remains unclear when Johnson has evidence against the Tesla executive. In 2021, Musk revealed introducing Dogecoin payments for selected merchandise. The news propelled the canine-themed crypto 25% up. Is that enough evidence? Let us watch how developments will unfold.

What are your views about celebrities promoting cryptocurrency assets? You can leave a reply in the comment section below.

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