Elon Musk Endorses DOGE Amid Legal Win, Price To Hit $0.1?

The tech mogul Elon Musk has secured a win in the Dogecoin lawsuit, attracting the investors’ attention. The court dismissed claims that Musk and Tesla’s DOGE promotions misled investors. Following the win, Musk’s active endorsements of the meme coin reignited market excitement, prompting speculation on whether the meme coin could reach $0.1.

Elon Musk Secures Big Win In Dogecoin Lawsuit

The US District Court for the Southern District of New York ruled in favor of Elon Musk and Tesla, dismissing the Dogecoin lawsuit that accused them of misleading investors. Plaintiffs claimed that Musk’s promotional social media posts and comments, including calling DOGE the “future currency of Earth,” were false and manipulative.

However, the court labeled these statements as “aspirational and puffery,” not factual claims investors could rely on. The judge stated that the claims did not meet the criteria for a market manipulation lawsuit, ultimately closing the case in Musk’s favor.

In addition, the lawsuit alleged that Tesla and its CEO engaged in a “pump and dump” scheme and insider trading. The court found these accusations unsubstantiated, ruling that the allegations lacked a clear basis. With the dismissal, the court ended the long-standing legal battle, marking a notable victory for Musk and his advocacy of one of the top meme coins.

DOGE Price To Hit $0.1 Amid Musk’s Endorsements?

Following his legal win, Elon Musk has ramped up his public endorsements of Dogecoin, sparking renewed investor interest. In a recent post on X, the tech mogul hinted at the potential return of DOGE payments for Tesla merchandise.

When prompted by a user asking if Tesla should bring back DOGE payments, Musk simply replied, “ME” igniting speculation that Tesla could reintroduce the meme coin payments, possibly extending to its vehicles in the future.

Meanwhile, this isn’t his first show of support for the meme coin. Earlier this year, he voiced his enthusiasm for the dog-themed meme coin at an event in Tesla’s Giga Berlin facility, affirming his belief in the cryptocurrency’s potential. His endorsements have consistently influenced the crypto’s market movements, and this latest series of comments add fuel to ongoing speculation.

Further demonstrating his support, Musk engaged in another conversation about DOGE’s potential to address financial restrictions. When a X user suggested that the meme coin could fix systemic financial issues, Musk replied, “Hmm … you make a good point” further bolstering investor confidence in the crypto.

Amid this, DOGE price soared nearly 4% to $0.09493, with its trading volume declining 19% to $546.11 million. Simultaneously, DOGE Options Open Interest soared 96% to $138.36K, CoinGlass data showed. On the other hand, a recent Dogecoin price analysis suggested that the meme coin could rally to $0.15 with a robust rally in a bull run.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.