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Keith Johnson is suing Elon Musk for $258 billion

 


Dogecoin was developed in 2013 by software engineers Billy Marcus and Jackson Palmer. It is an open-source, peer-to-peer cryptocurrency that can be used to send and receive digital payments processed over the Dogecoin network.


Dogecoin was originally founded to make fun of the cryptocurrency Bitcoin. To mark the occasion, the logo was chosen, the then-popular meme that featured the intentionally misspelled word "doge" to describe a Shiba Inu dog.


Dogecoin made its breakthrough in 2021 when buyers on the social media platform Reddit were promised to increase the value “to the moon”. As a result, the cryptocurrency price has increased by more than 5,000% to date. But not only the Reddit users helped Dogecoin to its success, Elon Musk was also instrumental in it.


Influencing Dogecoin? - Elon Musk's tweets

The first time Elon Musk triggered a price rally in Dogecoin was more than a year ago. On April 28, 2021, he tweeted on his Twitter account, "The Dogefather, SNL May 8."


In the same month, the price increased almost 800%. But even then, Elon Musk quickly rowed back. For example, on May 7, 2021, he tweeted: “Cryptocurrencies show promise, but please invest with caution!”. He attached a video clip to the tweet, emphasizing that there is a speculation point to consider when it comes to cryptocurrencies: "So don't go too far in crypto speculation... One should not invest all one's savings in crypto."


Although he finds clear words here, he announces an optimistic prediction at the end of the video: "Cryptocurrencies have a good chance of being called the future 'currency of the earth'." He does not refer specifically to Dogecoin.


Musk not only supports Dogecoin with his tweets, you can also use Dogecoin to buy merchandise from his company Tesla. He also tweeted about a month ago: “Tesla merch can be bought with Doge, soon SpaceX merch too. Thus, Elon Musk and his team are developing use cases for the currency and, as already announced, want to expand them.



Keith Johnson's charges

Keith Johnson is an American citizen who claims he was cheated out of money by the defendants (Tesla, SpaceX, Elon Musk). Specifically, his lawsuit states, “Defendants falsely and misleadingly claim that Dogecoin is a legitimate investment when it has no value at all.” “Dogecoin is not a currency, stock or security. It is not backed by gold, other precious metals or anything else. You can't eat it, grow it, or carry it," the lawsuit continues.


“It's simply scams, tricking 'bigger names' into buying the coin at a higher price. Johnson is seeking $86 billion in damages for these reasons, as well as $172 billion in additional damages, as well as an order preventing Musk and his companies from mining Dogecoin. He also wants Dogecoin trading to be classified as gambling under federal and New York state law.


Response from Elon Musk

There is currently no concrete answer to the lawsuit from Elon Musk or his companies. Last night he tweeted: "I will keep supporting Dogecoin". This means he is expected to take action against the lawsuit and will continue to rely on the cryptocurrency. It remains to be seen who will be right in the courts. The case has file designation: Johnson v. Musk, 22-cv-05037, U.S. District Court, Southern District of New York (Manhattan).

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