Dogecoin: Elon Musk being sued by a crypto investor

A Dogecoin investor launched a $258 billion lawsuit against Elon Musk and his companies Tesla and SpaceX on Thursday. Dogecoin was created as a joke, but its value fluctuated as Elon Musk supported it.


Keith Johnson described himself as an “American citizen who was defrauded”  by a “Dogecoin Crypto Pyramid Scheme.” after claiming to have lost money after investing in dogecoin.


He wants his motion, which was filed in a New York court, to be treated as a class action complaint on behalf of everyone who has lost money investing in dogecoin since the start of 2019.

According to Johnson, since Musk began advocating the virtual currency, investors have lost nearly $86 billion. Musk must refund investors this sum, plus a further $172 billion in damages, according to him.

According to its creators, Dogecoin was formed in 2013 as a satirical response to two significant online phenomena: cryptocurrencies such as bitcoin and a meme image of a Shiba Inu dog.

Dogecoin’s price was fractions of a cent for the bulk of its existence. However, it soared in value at the start of 2021, reaching $0.73 in May during a buying frenzy triggered by the GameStop controversy and Musk’s hilarious tweets about it.

On Thursday, Dogecoin was only worth less than six cents

According to Johnson, Musk’s advocacy increased “the price, market cap and trading volume of Dogecoin”. Musk, the world’s richest man, has over 98 million Twitter followers and claimed that SpaceX would “put a literal Dogecoin on the literal moon.” in one of his tweets.

Johnson compared dogecoin to a pyramid scheme since it has no intrinsic value and is not a product. It’s also not backed by anything tangible, and the number of “coins” is virtually unlimited. 

also read:

Prime Gaming: Amazon Prime Members to get over 30 free titles

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More like this

Pi Network Faces Developer Exodus as PiDaoSwap Abandons Platform...

The cryptocurrency ecosystem thrives on efficiency and innovation, with projects competing fiercely to attract developers who can...

Pakistani ‘Elon Musk Khan’ Doppelganger Goes Viral, Internet Can’t...

Imagine casually scrolling through your social media feed and coming across a video that makes you do...
Elon Musk Net Worth in Rupees: Latest Update in April 2023

Elon Musk Net Worth in Rupees: Latest Update in...

Elon Musk Net Worth in Rupees as of 2025 - How much Net Worth Elon Musk Collected?...

Incredible Elon Musk Net Worth: All You Need to...

Elon Musk Net Worth in 2025: Everything You Need to Know Elon Musk, the founder of Space X...

Pi Network: Navigating the Challenging Path to Major Exchange...

The world of cryptocurrency is fraught with challenges, and Pi Network journey exemplifies the complex path to...

LATEST NEWS

MS Dhoni and Vijay Shankar’s IPL Records: Analyzing the CSK vs DC Match IPL 2025

CSK vs DC Match IPL 2025: In the ever-evolving landscape of the Indian Premier League (IPL), the 2025 season has already thrown up some...

MI Coach Breaks Down Tilak Varma’s Retired Out Decision, Says It Was All About Freshness

In a move that sent shockwaves through the cricketing world, Mumbai Indians’ head coach Mahela Jayawardene made a bold decision that left fans and...

IPL 2025: IPL Teams with Most Wins While Chasing Runs

IPL 2025 : When it comes to chasing targets under pressure, few teams have mastered the art like the Kolkata Knight Riders (KKR). The...

Barak FC Crowned Inaugural Nagaland Super League Champions After 3-1 Win Over Longterok FC

Barak FC : Barak FC has etched its name in the history books by becoming the first-ever champions of the Nagaland Super League (NSL),...

Featured