Dogecoin Lawsuit Against Musk Gets Amended to Include More Defendants
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Reports show that seven new investor plaintiffs and six new defendants, including Musk’s The Boring Company and the Dogecoin Foundation, have been added to the lawsuit. The named defendants have been accused of intentionally pumping the price of the meme coin by over 36,000% for more than two years before the unfortunate crash suffered by the token.
The complaint claimed that the defendants “profited tens of billions of dollars” at the expense of other unsuspecting Dogecoin investors. The document also alleged that the defendants knew all the while that the meme cryptocurrency lacked any real-world or intrinsic value and that its value “depended solely on marketing.”
The lawsuit, which was originally filed in June, claimed that the billionaire and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” The plaintiff further claimed that the “Defendants falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”
After news of the lawsuit broke in June, Musk tweeted to his 105.3 million followers that he would keep buying and supporting Dogecoin.
Key Dogecoin Levels to Watch — September 9
Dogecoin is on track to record its third-consecutive bullish daily candle after bottoming at the $0.0578 mark yesterday.
The recent bottoming aligns neatly with my long-standing bearish tripwire (trendline), highlighting a strong bearish outlook for the meme coin. At press time, DOGE trades at the $0.0635 mark, up by 4.2% today primarily due to the palpable bullish sentiment in the broader market as Bitcoin reclaims $21,000.
That said, a slowdown of this sentiment could mean a return to the tripwire for DOGE at $0.0560. To defeat this bearish bias, the meme coin needs to reclaim the $0.0900 line, a faraway dream at the moment.
Meanwhile, my resistance levels are $0.0700, $0.0800, and $0.0900, and my support levels are $0.0600, $0.0500, and $0.0400.
Total Market Capitalization: $1.04 trillion
Dogecoin Market Capitalization: $8.44 billion
Dogecoin Dominance: 0.8%
Market Rank: #11
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