Musk is once again accused of manipulating Dogecoin

ChainCatcher news, according to a Reuters report, documents from the Manhattan federal court show that Elon Musk is accused of insider trading in a proposed class action lawsuit, with investors alleging that he manipulated Dogecoin using Twitter, paid KOLs, "Saturday Night Live," and other promotional gimmicks, resulting in billions of dollars in losses.

Investors stated that after Musk changed Twitter's blue bird logo to the Shiba Inu logo of Dogecoin in April, he sold approximately $124 million worth of Dogecoin, causing Dogecoin to rise by 30%. Judge Alvin Hellerstein also granted the investors' request to dismiss the nonprofit Dogecoin Foundation as a defendant. (source link)