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An American crypto investor by the name of Keith Johnson has filed a $258 billion lawsuit against Elon Musk at the federal court in Manhattan. He claimed that Elon Musk has used his influence as the world’s richest man to push and promote Dogecoin when it has no value. He alleged that Dogecoin is a pyramid scheme – a kind of illegal method of business that involves requiring people to recruit other people with the expectation that those people would recruit other people. This will go on and on, but only a few people on the top of the pyramid will enjoy the benefits of the business.
Many times since 2019, with just a simple tweet from Elon Musk, the price of Dogecoin climbed higher significantly. Dogecoin has become one of the most well-known coins due to Elon’s frequent commendations. According to analysts Dogecoin being a meme coin lacks much utility and is thus less attractive to investors. Elon’s influential tweets have driven the value of the coin so far, but now, it is on a downtrend because cryptocurrencies, in general, are facing a crisis.
Why I Think Elon Supported the Dogecoin
Dogecoin is easy to mine in the sense that it consumes less electricity, unlike Bitcoin. It is in line with his goal of the production of sustainable, cheaper, and safer means of generating electricity. One would have thought that he ought to endorse Bitcoin being the first and most famous crypto. Bitcoin mining is very energy-consuming and posing danger to the health of the planet.
There have been some critical views against cryptocurrencies in general. And This lawsuit may encourage influential critics to support this fight that threatens, not only Dogecoin but all the other cryptocurrencies.
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