Elon Musk Unphased By $258 Billion Dogecoin Lawsuit

Elon Musk Unphased By $258 Billion Dogecoin Lawsuit – How Will Price React?

Updated: 09 July 2023

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What Elon Musk and his legal team have expressed their incredulity towards a $258 billion lawsuit concerning a potential racketerring scheme associated with the Dogecoin cryptocurrency
Why They consider the case frivolous, citing the plaintiffs’ lawyer’s history of filing frivolous motions to waste court time
What next The court will decide whether there is sufficient evidence to take the case further

Elon Musk and Tesla are fighting back against a $258 billion lawsuit related to Dogecoin, with their legal team recently filing a response in a United States district court.

The legal battle revolves around allegations of Musk’s involvement in an illegal racketeering scheme tied to Dogecoin.

The response requested the dismissal of a motion that sought to sanction them over alleged conflicts of interest.

The plaintiffs claimed that the defendants’ legal team had a conflict of interest by representing both Musk and Tesla, arguing that their true loyalty lay with Musk alone.

However, Musk and Tesla’s legal team firmly rejected these allegations, referring to the motion as “unsubstantiated” and “frivolous.”

Unsubstantiated and Frivolous

The defense team cited New York law, stating that representing both company officers and the companies themselves does not constitute a conflict of interest unless they are legal adversaries.

They criticized the plaintiffs’ lawyer, Evan Spencer, for his history of filing frivolous motions to delay court procedures.

The defense also denied allegations of leaking a disparaging letter about Spencer’s behavior, placing the blame on Spencer for introducing the letter to the jury pool.

Musk and Tesla’s lawyers characterized the motion as an abuse of process, wasting the court’s time and insulting the credibility of their legal team.

They emphasized their commitment to vigorously defending their clients and upholding the principles of the legal profession.

Is Dogecoin Reacting?

In a word, no.

It peaked as high as $0.0718 on July 4, possibly owing to the public holiday in the US and crypto enthusiasts having time on their hands.

Since then it pulled back as far as $0.0643 on Friday, before consolidating over the weekend around the $0.655 mark.

Dogecoin has moved within a range of $0.0508 this year so far, peaking at $0.1048 on April 4, and finding resistance at $0.0538 on June 10.

We are currently hovering around the 23.6% fibonnaci level of these two extremes, which makes a return to the 50% of $0.0793 very likely, and possibly even as far as the golden level of $0.0853 at the 61.8% level.

From Mid-April to early May price was firmly locked around the 50% level, and last touched the 61.8% level on April 20.