Tesla CEO Elon Musk has denied allegations of owning Dogecoin wallets connected to insider trading amid an ongoing class action lawsuit.
The Lawsuit Against Musk Alleges Manipulative Practices in Pumping the Token's Price
Elon Musk, known as the "Dogefather" and "Dogecoin CEO," has been an outspoken supporter of the meme coin, often sharing tweets about it. Dogecoin, initially created as a joke in 2013, has gained significant popularity and market value, currently ranking as the eight largest cryptocurrency with a market capitalization of around $8.7 billion. The lawsuit against Musk alleges manipulative practices in pumping the token's price, citing his influence on social media and his appearance on NBC's Saturday Night Live. The court will ultimately determine whether Musk's involvement with Dogecoin extends beyond trolling on Twitter.