"The truth is finally revealed, will the price of DOGE be affected or will it rise?"
Today was shocked by the news about billionaire Elon Musk being sued for insider trading*, exploiting various platforms such as Twitter and manipulating the price of the largest memecoin Dogecoin (DOGE).
*The illegal practice of trading on the stock exchange for one's own gain through access to confidential information
Through a lawsuit filed in Manhattan federal court, Musk is alleged to have used a combination of tactics via Twitter posts, paid online influencers and other publicity to trade profitably through several DOGE wallets controlled by him or Tesla.
The streak, investors reportedly suffered a number of financial losses while Musk made huge profits.
Among the evidence disclosed in the lawsuit was Musk's $124 million sale of DOGE in April 2023 when he replaced Twitter's blue bird logo with the memecoin.
Therefore, the action-minded investors not only cheated them but also functioned as part of Musk's plan to promote himself including his company.
Musk was also found to have deliberately inflated the price of DOGE by 36,000% over a two-year period before allowing it to fall drastically resulting in huge losses for investors who bought the memecoin.
As of this writing, DOGE price jumped by 1.08% to $0.07194 in the last 24 hours with a market cap of $10 billion further recording a 1.85% increase over the last week.
