Elon Musk accused of manipulating Dogecoin price in april 2023

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Last Updated on 4 March 2024 by CryptoTips.eu

Tesla and (still) Twitter CEO Elon Musk is being accused of driving the price of Dogecoin up 30% on April 3, 2023 by replacing Twitter’s logo with Dogecoin’s Shiba Inu dog as a belated April Fool’s joke.

The major Dogecoin lawsuit brought forward by some disgruntled crypto investors against Musk in New York is the latest in a long line of charges.

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258 billion dollars

Elon Musk, the richest man in the world, is being sued for $258 billion for illegally pumping (and then ‘dumping’) the price of Dogecoin, the most famous memecoin. Musk’s legal team has asked the judge to dismiss all charges against him.

The investors who claim they lost money due to Musk’s actions have now added a new complaint to the already lengthy file. This one covers the period April 3-6. According to them, the coin went up 30% on that first day (after Musk changed Twitter’s logo from a blue bird to a Shiba Inu dog) and some crypto wallets were able to sell a lot of Dogecoin at a profit.

The amended complaint claimed Musk owned one of those wallets by pointing to a tweet Musk made on  Feb. 10, 2021, that said he purchased 28.061971 worth of Dogecoin.

According to Musk’s lawyer, this was just a joke by the Tesla boss. The 28.061971 simply refers to Musk’s date of birth, June 28, 1971 and not the number of Dogecoins he owns.

The complaint further states that Musk’s crypto wallet held a good $25 billion worth of Dogecoin at its highest point.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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