Dogecoin, the popular meme cryptocurrency, has spiked to a five-week high of $0.085 on Sunday, April 18th, following a request from Elon Musk's lawyers for a $258 billion lawsuit against the billionaire to be dropped. The lawsuit comes from DOGE investors, and was filed last June with the accusation that Musk was running a pyramid scheme to support the meme cryptocurrency and pump its price more than 36,000% over two years, before later causing it to crash.

In papers submitted to the Manhattan court last week, Musk's lawyers argued the case was based on a "fanciful work of fiction" and sought to paint the Tesla boss in a bad light. They also noted that the accusers were unable to present any evidence of Musk intending to defraud people through his statements and tweets regarding Dogecoin. Furthermore, the lawyers disputed the claim that Dogecoin is security, something Musk had previously tweeted many times. Reuters also reported that Musk's lawyer Evan Spencer had referred to the lawsuit as "frivolous" and that "we are more confident than ever that our case will be successful."

Despite the lawsuit, Musk has continued to remain strongly involved with Dogecoin, buying it and voicing his support even after the lawsuit was filed. Notably, Musk had previously asked the Dogecoin community to collaborate and suggest ideas to integrate the cryptocurrency into the market, even suggesting it could be used as a form of payment for Tesla and SpaceX products.

Attested to this price surge, data from VanEck-owned crypto analytics firm, Santiment, shows that addresses holding more than 10M DOGE have accumulated 1.47B DOGE since January 1st, worth about $123.1M. Currently, DOGE is trading at $0.079, with further outlook looking to test the $0.07800 resistance and potentially shoot up as much as 20% to reach around $0.093.



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