While Elon Musk has in the past heavily backed Dogecoin (CRYPTO: DOGE) — a meme cryptocurrency that has a wide appeal — and his tweets and mentions have caused spikes in the coin, his support has landed him in hot waters.
What Happened: Musk’s lawyers have filed a motion in the Manhattan federal court to dismiss a lawsuit that accuses the Tesla CEO of operating a pyramid scheme to prop up Dogecoin, Reuters reported on Friday.
The lawsuit brought about by Dogecoin investors is a “fanciful work of fiction” that is based on his “innocuous and often silly tweets” about the meme coin, the lawyers reportedly wrote in …
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