- Lawyers want a dismissal of the lawsuit filed against Elon Musk for fueling a drop in Dogecoin price.
- The positive end to the lawsuit can boost and fuel a massive rally in DOGE price.
Lawyers representing the Chief Executive Officer of Twitter and Tesla Inc, Elon Musk who doubles as the world’s richest man request the court to dismiss a $258 billion lawsuit filed against the vocal social media user over his misrepresentation of the word Dogecoin. According to a Reuters report, the Plaintiffs are suing Musk for this large amount as a deterrent for calling the memecoin a “Hustle” in one of the editions of Saturday Night Live Shows. According to the complaint, this tag stirred a drop in the price of the cryptocurrency.
As a memecoin and a digital currency, extreme volatility can be said to be a part of the Dogecoin DNA. The coin is known to chart extremely high price growths as well as very steep fall-offs with little or no trigger.
Over the years, the broader crypto ecosystem has come to know Dogecoin as the favorite cryptocurrency of the billionaire, and with Musk owning a Shiba Inu breed of dog that embodies the digital asset, it is often easy to connect most of his words to a bullish call for both Dogecoin and every other cryptocurrency connected to the dog breed.
The plaintiffs now want a $256 billion payment in damages, however, lawyers representing the billionaire said many of the comments from Musk are “too vague” to warrant a lawsuit.
There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.
The lawyers said Musk’s tweets are too silly and that the lawsuit should be thrown out.
Implications for Dogecoin price
The lawsuit over Dogecoin is a somewhat unencouraging one for the community as many perceive it as disunity and a disservice to Elon Musk that has always promoted the digital currency.
Following the particular Saturday Night Live show that Musk was accused of hampering Dogecoin’s growth, the SpaceX founder also revealed that he has started working with DOGE developers to bring new innovative use cases. As he noted at the time, the initiative being worked on will bring new milestones to Dogecoin across the board.
Depending on the direction in which the lawsuit ends, there might be a major rally in the price of the cryptocurrency. The projection is that a win for the plaintiff might be gloomy as it will imply that comments from Elon Musk that have always aided in pushing the cryptocurrency’s price will be lowered in no small way.
A win for Elon Musk might further unleash more activity on the part of the billionaire and thus help positively incite Dogecoin sentiment that can stir upward price growth. With Dogecoin changing hands at $0.07718, up by 6 percent over the past week, a Musk favorable judgment can help push the price of the coin to a new high.
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