- SpaceX promises merchandise purchases and the launch of Doge-1 satellite, fueling a bullish sentiment among holders.
- A Dogecoin proponent revealed there are currently 100 Dogecoin nodes running on Starlink.
- Analysts identified $0.06531 as the next resistance level for Dogecoin in its uptrend.
In the $258 billion lawsuit against Elon Musk, seven new plaintiffs have joined the fight. Musk is accused of running a pyramid scheme supporting the cryptocurrency, DOGE. Despite the lawsuit, DOGE has found utility among traders and merchants.
Also read: Ethereum Merge could break the internet according to Preston Van Loon
Lawsuit against Elon Musk over Dogecoin drags on
Elon Musk is facing a $258 billion lawsuit accusing the entrepreneur of running a pyramid scheme to support Dogecoin expansion. The latest development in the lawsuit is the addition of new defendants and plaintiffs. Seven new investor plaintiffs and six new defendants, including tunnel construction business Boring Co. joined the lawsuit.
The lawsuit states that Musk, his electric car company, and space tourism company SpaceX intentionally drove up Dogecoin’s price. Dogecoin price increased 36,000% over the last two years before its untimely crash. In the process defendants “profited tens of billions of dollars” at other Dogecoin investors’ expense. According to the lawsuit, Dogecoin lacks intrinsic value and its value “depended solely on marketing.”
Musk confirmed his support for Dogecoin despite the news of the lawsuit. The self-proclaimed Dogefather has been promoting Dogecoin on Twitter and believes DOGE has potential as a currency, it is people’s crypto.
Dogecoin has bullish potential
Denys Serhiichuk, a crypto analyst, identified bullish potential in DOGE. The analyst believes DOGE will likely face resistance at the $0.06531 level. Currently, DOGE price climbed past the barrier at the $0.06389 level.
DOGE-USDT price chart
Despite the decline in Dogecoin’s price, the meme coin is now approaching its next resistance. If buying pressure on DOGE continues, a breakout could push Dogecoin price higher. The next resistance level after $0.06531 is $0.068. Dogecoin is trading at $0.064 at the time of writing, and has remained unchanged over the past 24 hours. Analysts expect DOGE to sustain its current uptrend and witness a spike in buying pressure that pushes Dogecoin price higher.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.