Elon Musk accused of manipulating Dogecoin price in april 2023

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.

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.

Elon Musk denies owning Dogecoin wallets amid lawsuit alleging insider trading https://t.co/q6m1bflY3p pic.twitter.com/7E6XLddk0Z

— New York Post (@nypost) June 15, 2023

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.

ELON MUSK D€NI£$ DOGECOIN WALLET OWNERSHIP AMID INSIDER TRADING ALL€G@TION$

In the latest twist of events, Elon Musk, the billionaire Tesla CEO, has vehemently denied owning the crypto wallets implicated in a class-action lawsuit accusing him of insider trading with Dogecoin.… pic.twitter.com/fEyQpgE2wb

— Forexblog (@Forexblog_) June 16, 2023

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.