Elon Musk Secures Big Win In Dogecoin Lawsuit, DOGE Price To Hit $0.1 Amid Musk's Endorsements?

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.

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Tech mogul Elon Musk has secured a significant victory in the Dogecoin lawsuit, grabbing the attention of investors. The court dismissed the claims that Musk and Tesla’s promotions of DOGE misled investors. Following this win, Musk’s active endorsements of the meme coin have reignited market excitement, leading to speculations on whether the meme coin could reach $0.1.

Elon Musk Scores Big Win In Dogecoin Lawsuit

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

However, the court categorized these statements as “aspirational and puffery,” rather than factual claims that investors could rely on. The judge noted that the claims failed to meet the necessary criteria for a market manipulation lawsuit, ultimately closing the case in Musk’s favor.

The lawsuit further 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 this dismissal, the court concluded the long-standing legal battle, marking a substantial 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 victory, Elon Musk has verstärkte his public endorsements of Dogecoin, attracting renewed interest from investors. In a recent post on X, the tech mogul hinted at the possible return of DOGE payments for Tesla merchandise.

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

However, this isn’t his first show of support for the meme coin. Earlier this year, he expressed his enthusiasm for the dog-themed meme coin at an event in Tesla's Giga Berlin facility, reaffirming 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 the 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 surged 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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