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Elon Musk accused of manipulating the price of Dogecoin

It is well known that Elon Musk is quite fond of attracting attention . From his hyperactivity posting tweets to actions that seem designed mainly to attract attention, he has already shown a thousand times, actively and passively, that he needs to know that he is in the spotlight and that, to do so, he is capable of do many things that, as a general rule, we would never imagine in a person with the level of responsibility that he holds.

But, of course, sometimes behind those actions that, in theory, seem aimed at attracting attention, somewhat more evil intentions can be hidden , and in this case it seems that we are in a perfect example of this. So it’s always good news to know that such intentions come to light and that, if appropriate, you may have to face the consequences of such acts. Well, today another story has begun to be written with that already well-known argument.

You will surely remember that, a few months ago, Elon Musk decided to change the Twitter logo in various places on the web to an image of Kabosu , the famous shiba inu dog that first became a very successful meme and that , subsequently, it became the image of Dogecoin , a cryptocurrency that achieved enormous popularity during 2021. And we must remember that this was only the last of a long relationship of Elon Musk with said digital asset .

Elon Musk accused of manipulating the price of Dogecoin

Said relationship, and this is something that we already talked about at the time , has had a clear influence on the price of said cryptocurrency , something that can be considered influencing the market, and that can be particularly questionable if you use said influence to maximize the return on your investments. Or at least that is what a group of investors who, according to the Reuters Agency , have sued Elon Musk for manipulating the price of Dogecoin think. In their lawsuit, they claim 258,000 million dollars, as they affirm that the billionaire sold around 124,000 million Dogecoin in April, precisely after changing the Twitter logo, which caused a 30% increase in the price of Dogecoin.

In the lawsuit, they define Elon Musk’s actions in relation to Dogecoin as a ” deliberate course of carnival barking, market manipulation, and insider trading .” And seen from the outside, it does seem like a premeditated operation , since it was easily imaginable, in view of the precedents, that the market’s reaction would be what finally occurred. And if he had the intention of selling said assets… it’s hard not to suspect.


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