The Dogecoin Lawsuit: Allegations, Influencers, and Developments
Dogecoin Founder Faces Accusations
In recent court documents, various influencers and prominent figures within the Dogecoin (DOGE) community have been implicated in an ongoing legal battle. They are accused of generating favorable social media content in exchange for undisclosed payments or benefits, allegedly contributing to the manipulation of DOGE’s price. These payments were said to be part of X’s advertising revenue-sharing program, previously known as Twitter.
The Role of Influencers in Manipulation
According to the documents, several X accounts, including those of Dogecoin co-founder Billy Markus, are named. Markus, also known as ‘Shibetoshi Nakamoto,’ along with Jackson Palmer, created Dogecoin in 2013 as a joke cryptocurrency. Dogecoin developer ‘Mishaboar,’ as well as a long list of well-known Dogecoin accounts, have also been sued for allegedly hyping Dogecoin and Musk to influence its price.
Denials and Responses
In response to the allegations, Markus has stated that he disagrees with the accusations, pointing out that he also shares negative opinions about Dogecoin and cryptocurrencies in general. Meanwhile, Mishaboar responded to the lawsuit on X, denying any receipt of advertising revenue or payments for sponsored posts.
Previous Developments in the DOGE Lawsuit
This lawsuit has undergone several amendments in the past. According to a June amendment, Musk allegedly utilized his social media presence and publicity stunts to manipulate DOGE’s price. This includes his temporary role as Twitter CEO and the change of the Twitter logo to the Dogecoin logo. In a recent development, Musk’s lawyers filed a motion to dismiss the billion-dollar lawsuit.
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Legal Arguments for Dismissal
Musk’s legal team argued against the legitimacy of the lawsuit, seeking its dismissal. Although the outcome of this motion remains pending, it underscores the contentious nature of the ongoing legal battle surrounding Dogecoin, Musk, and influencers within the DOGE community.