A Dogecoin investor filed a federal lawsuit against Musk and the companies he chairs alleging that the billionaire engaged in a 'Dogecoin Pyramid Scheme' that saw the meme coin lose more than 90% of its value in the last 13 months.
Elon Musk’s love affair with tweeting about meme cryptocurrency Dogecoin may be coming back to bite the prospective Twitter owner.
Johnson filed the suit Thursday in the Southern District of New York and is seeking class-action status. At its peak in May 2021, Dogecoin was worth $0.73 USD. This high mark coincided with Musk’s appearance on, and the coin tumbled almost immediately after. Musk infamously referred to Dogecoin as “a hustle” during a “Weekend Update’ sketch on the episode he hosted on May 8, 2021 while portraying a fictitious financial expert.”host, the price of Dogecoin lost more than half of its value. As of Thursday, Dogecoin’s current value sits at $0.056 USD.
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