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- Dogecoin (DOGE) faces being classified in the category of unregistered securities if the SEC succeeds in its course.
- The meme lord is heavily incentivized by Musk’s support with speculation of future integration as a payment solution.
The Dogecoin (DOGE) market is undeniably heavily influenced by the tweets of Elon Musk, Tesla Inc. CEO. As the leading meme coin in the cryptocurrency market, Dogecoin enjoys huge global support from both retail and institutional investors. With more than 5.8 million holders, the Dogecoin network enjoys huge support from the global crypto miners’ community.
Moreover, the meme lord is the second largest Proof-of-Work (PoW) secured blockchain after Bitcoin with more than 733.72 (TH/s) in hash rate and a mining difficulty of about 10.54 (M).
However, Dogecoin price action has significantly suffered the bear market whip since hitting ATH in 2021. According to the latest market data provided by TradingView, Dogecoin’s price has dropped more than 80 percent since April 2021 to trade around $0.064 on Monday.
Musk Fiercely Defends Dogecoin With More Resources
According to a lawsuit filed by Evan Spencer against Musk, Tesla, SpaceX, the Boring Company, the Dogecoin Foundation, and other defendants, Dogecoin price may never return to its ATH of around 73 cents despite most investors after April 2021 losing their money. The $258 billion lawsuit seeks to have the Dogecoin investors compensated for losing their funds to Musk, who allegedly participated in insider trading.
However, Musk has fiercely defended his position as a Dogecoin supporter and sought for the court to drop the case for lack of merit. In a bid to secure a victory, Musk has ostensibly added more lawyers to fight for his lifetime wealth. Moreover, the plaintiff wants the two million Dogecoin customers affected compensated with $258 billion from Musk and his companies.
The move was not welcomed by the plaintiffs who filed a motion on June 25 to disqualify and sanction the defense counsel. The legal team representing Musk thereby filed a motion of memorandum in reply to the plaintiffs seeking to stay in the case. Musk and his legal team have referred to the entire case as a work of fiction, which is a complete waste of the court’s time and resources.
“Spencer’s Motion […] is an egregious abuse of process, yet another fanciful work of fiction by Spencer in a long chain of such pleadings, a waste of this Court’s time, and an insult to undersigned counsel, well-regarded members of the Bar of this Court and recently admitted by the Court pro hac vice,” the July 06 motion by Musk’s legal team noted.
DOGE Market Outlook
Dogecoin price has consolidated horizontally around the same level since June last year. The acquisition of social media giant Twitter has significantly helped the meme coin obtain more crypto traders. Furthermore, there is a high chance of Dogecoin being included as a form of payment in the social media platform in the future. With a market capitalization of about $8.9 billion and a 24-hour trading volume of about $194 million, the meme coin is well poised for future growth prospects amid global mainstream crypto adoption.
