Did Elon Musk manipulate the price of dogecoin, a mock cryptocurrency, through his tweets? This is a matter for the Manhattan court to decide. The boss of Tesla is the subject of complaint of the American Keith Johnson. He accuses her of giving “Legitimacy” This currency is considered “shitcoin”, worthless assets. The appellant compares the situation a “Ponzi scheme”, a scam where new entrants enrich first-timers. Moreover, he thinks the tweet “The Dogfather” or the “godfather of dogecoin”, raises the price of the currency և, therefore, is similar to market instrumentation.
If Keith Johnson does not measure his personal loss, he estimates that the total loss of investors due to Musk is about $ 86 billion.
Keith Johnson is one of the victims of the fall in the price of this currency, which today costs only 5 cents, ten times less than its peak in May 2021. If he does not take into account his personal loss, he estimates that the total loss of Musk’s investors is about $ 86 billion. He is therefore seeking compensation from the entrepreneur and his Tesla company for this amount, plus double damages, for a total of $ 258 billion. This amount is huge in more than one respect. The total capitalization of Dogecoin has never exceeded 88 billion. It now stands at 7 billion, which still makes it one of the ten largest cryptocurrencies. In addition, the amount required of the richest man in the world exceeds his wealth, which is significant – 215 billion dollars.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.