Did Musk Sell $124M DOGE During Twitter Logo Switch? Dogecoin Investors Cry Foul

Doge investors call out Elon for putting them in the dust multiple times.

Doge as a twitter logo flying over the valley and shouting at a confused Elon Musk.
Created by Kornelija Poderskytė from DailyCoin
  • DOGE investors put up a class-action lawsuit against Elon Musk.
  • The sudden Twitter logo change added fuel to earlier complaints.
  • Crypto community debates if Musk switched the logo on purpose.

Twitter, Tesla, and SpaceX CEO Elon Musk’s crypto ventures have taken another unexpected turn. Several displeased Dogecoin (DOGE) investors penned a class-action lawsuit against ‘The Dogefather’ in a court filing in Manhattan this Wednesday. In further detail, the crypto investors allege that Musk deliberately pumped Dogecoin’s price only to sell it off later.

Did Elon Partake in a Deliberate Course of Carnival Barking?

The class-action lawsuit in Manhattan, New York, contains several allegations. For instance, the lawsuit alleges that Elon Musk has participated in a long-term “deliberate course of carnival barking.” The complaint claims that Elon Musk mastered how to “profit from chaos.”

On top of that, the market manipulation and insider trading case are not just linked to April’s Twitter logo change. According to the plaintiffs, this is systematic behavior by the extravagant billionaire, who uses his massive Twitter following, paid influencers, and insider knowledge to pump up his pockets.

As if that wasn’t enough, the plaintiffs claim to have collectively suffered billions of dollars in losses during the Twitter logo change to Dogecoin’s Shiba Inu mascot. The stunt by Elon had resulted in DOGE instantly spiking 30% in its market value, only to retrace the gains a couple of weeks later.

On the Flipside

  • The plaintiffs are attempting to put Dogecoin (DOGE) under the U.S. Securities and Exchange Commission (SEC) classification as a security.
  • Many crypto personalities, including crypto-focused lawyers, argue that such classification is out of touch with reality, as Dogecoin is a Proof-of-Work (PoW) blockchain.

Why This Matters

Dogecoin is the largest PoW blockchain behind Bitcoin (BTC).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.