So the merits of a lawsuit is being pondered, accusing Elon Musk of using his megaphone to manipulate the price of Dogecoin, a fledgling memecoin cryptocurrency. As a memecoin, Dogecoin is largely promoted and circulated about and kept in the popular conversation by memes on social media.
What we know is that the last big bump for Dogecoin was when Elon temporarily put the Doge image as the icon for Twitter, causing a rally with memecoin holders. At the same time, Elon Musk sold 125 million dollars in Dogecoin.
The claim is that he knowingly manipulated the value of the cryptocurrency for his own gain, and the claim is "insider trading".
The decision, either way, could set some precedents for cryptocurrency and legal liability.
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