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Elon Musk Faces $258b Lawsuit for a Possible Dogecoin Pyramid Scheme

Elon Musk Faces a Lawsuit of $258 billion over a Possible Dogecoin Pyramid Scheme
Elon Musk Faces a Lawsuit of $258 billion over a Possible Dogecoin Pyramid Scheme

A Dogecoin investor has accused and filed a lawsuit against Elon Musk, one of the biggest supporters of the meme currency.

The Dogecoin investor filed the complaint in Manhattan’s federal court. The plaintiff is Keith Johnson, who has accused the Tesla owner of being a part of the DOGE pyramid scheme.

Musk heads both Tesla and SpaceX, two world-renowned organizations for their groundbreaking work. However, apart from leading these firms, Musk has formed a reputation as a crypto guru.

Recently, Musk has stayed in the news because of his Twitter bid. After a series of developments, Musk was able to buy Twitter for $44 billion.

According to Keith Johnson, Musk has used his fame as the world’s richest man and Twitter owner to hype Dogecoin, which inherently holds no value.

As per the plaintiff, Musk has used his position for personal fun, fame, and also capital gains. The plaintiff, Keith Johnson, is not happy with Musk’s supposedly manipulative support for DOGE.

Keith Johnson initially wanted Musk to pay $86 billion, which he now wants to be tripled to $258 billion.

The reason for the lawsuit is the rapid depreciation of Dogecoin’s price in recent years. It is worth noting that DOGE’s price has sharply declined since May 2021.

Currently, the price of Dogecoin is 0.057USD, which is significantly lower than its all-time high price of $0.688832.

Also read:

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A Short and Simple Guide to Buying Metaverse Land
What are the odds Shiba Inu and Dogecoin Outperform Bitcoin in 2022

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