Tesla CEO Elon Musk, Tesla hinted at the potential return of Dogecoin as a payment option for its products. The statement came just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme. On August 31, Musk responded when asked if anyone else wanted Tesla to bring back Dogecoin as a payment option for its products.
What’s Happening on the Dogecoin Front?
Tesla’s It’s unclear whether Tesla will implement the feature again, given that it previously accepted Dogecoin as a product in January 2022. At the time, the company stated that only Dogecoin would be accepted and warned that any other crypto assets sent to it would not be returned. However, the Dogecoin payment option later disappeared without any explanation. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Musk’s To Dogecoin The reversal wouldn’t be surprising, considering his well-known support for Dogecoin. Earlier this year, he hinted at the possibility of Tesla accepting Dogecoin as a payment method. Musk has consistently expressed his fondness for DOGE and has often influenced its price movements with his actions.
Musk’s defense of Dogecoin has also led to legal challenges. On Aug. 29, Judge Alvin Hellerstein dismissed a $258 billion class-action lawsuit against the billionaire and his company. The lawsuit accused Musk and Tesla of manipulating the price of Dogecoin and alleged that Musk used his influence, including his appearance on Saturday Night Live, to influence the token’s value.
Details on the Subject
Judge Hellerstein, Musk’s He concluded that the statements about Dogecoin were enthusiastic and exaggerated rather than factual claims that could mislead investors. He concluded that no reasonable investor could trust these statements and that the pump and dump claims were unfounded:
“With respect to Musk and Tesla’s alleged pump and dump scheme, it is impossible to understand the allegations that form the basis for plaintiffs to infer market manipulation, pump and dump, breach of fiduciary duty amounting to insider trading, or state law claims.”
Despite these developments, the price of DOGE Tradingview data, down more than 2% in the last 24 hours to $0.099113 at the time of writing. This decline reflects a broader market trend, with major crypto assets like Bitcoin experiencing significant losses during the reporting period.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
