Investors have withdrawn their appeal in the highly publicized Dogecoin case against Elon Musk, marking a significant development in the lawsuit that had alleged market manipulation and insider trading. The decision to end the case comes on the heels of a major news event, with U.S. president-elect Donald Trump nominating Elon Musk to head the new Department of Government Efficiency, which saw DOGE’s price surge significantly.
The lawsuit, which had sought $258 billion from the billionaire, claimed that Musk and Tesla influenced the price of Dogecoin (DOGE) through tweets on X and public statements. One allegation centered on Musk’s appearance on NBC’s ‘Saturday Night Live’ in 2021, where investors argued that the SpaceX chief’s remarks impacted DOGE’s price, allowing him to profit from the surge.
As alleged, DOGE price often rose sharply following these comments, including one on Tesla’s support for the meme coin as a payment option. The lawsuit had also pointed to comments on the potential for the meme coin to grow into a global standard for the financial system.
U.S. District Judge Alvin Hellerstein had dismissed the lawsuit in August, which the investors had appealed. However, with the withdrawal of the appeal, the case is now at its end. The investors’ decision to end the case comes as Musk’s lawyers withdrew the Tesla CEO’s motion against the investors’ legal representatives over demands for huge legal fees.
The withdrawal of the appeal has significant implications for the cryptocurrency market. With the case now closed, it is likely that DOGE’s price will continue to be influenced by market forces rather than the uncertainty surrounding the lawsuit. Moreover, the nomination of Elon Musk to head the Department of Government Efficiency is likely to have a positive impact on the cryptocurrency market, particularly for DOGE.
Predictions:
The withdrawal of the appeal is likely to lead to a surge in DOGE’s price in the short term, as the uncertainty surrounding the lawsuit is now removed. In the long term, the nomination of Elon Musk to head the Department of Government Efficiency is likely to have a positive impact on the cryptocurrency market, particularly for DOGE. We can expect to see increased adoption and growth in the use of DOGE as a payment option.
Technical analysis suggests that DOGE is likely to break out of its current range and reach new highs in the coming weeks. The Relative Strength Index (RSI) is currently in the oversold region, indicating a potential reversal in the price trend. The Moving Average Convergence Divergence (MACD) is also showing a bullish crossover, indicating a potential buying opportunity.
In conclusion, the withdrawal of the appeal in the Dogecoin case against Elon Musk is a significant development in the lawsuit that had alleged market manipulation and insider trading. The nomination of Elon Musk to head the Department of Government Efficiency is likely to have a positive impact on the cryptocurrency market, particularly for DOGE. We can expect to see increased adoption and growth in the use of DOGE as a payment option, and technical analysis suggests a potential breakout in the price trend.
