![]() ![]() Plaintiffs argue the wallet's transactions indicate that it belongs to Musk. ![]() ![]() An on-chain researcher, known simply as "lookonchain," has previously laid out these claims on Twitter. At its peak, the dogecoin market cap approached $90 billion, according to CoinGecko data.īased on "information and belief," the plaintiffs allege Musk opened a dogecoin wallet whose address begins with the characters DH5ya in 2019. Within a year, 90% of Dogecoin's gains were gone. Then Musk made a guest appearance on Saturday Night Live in which he called dogecoin a "hustle." "Within four days, the Doge market cap dropped to $45 billion (nearly 50% from its peak)," the suit states. "'The Musk Effect' caused the peak daily trading volume to rise 2,000-fold and the peak market cap to rise nearly 400-fold," the lawsuit claims. By May 2021, dogecoin's market cap hit $95 billion. Over the next couple of years, Musk tweeted upbeat jokes about dogecoin. It's pretty cool” and “Dogecoin Rulz.” The coin doubled in value over the next three days, the lawsuit claims, and Musk allegedly learned that his tweets were enough to manipulate the market. In 2019, Musk tweeted that “Dogecoin might be my fav cryptocurrency. The complaint says Musk began working with the Dogecoin Foundation Inc. "After the launch and initial coin offerings of the dogecoin investment contract, Musk became the leader of this multi-billion-dollar racketeering enterprise which intentionally manipulated the market to drive the price of dogecoin from $0.002 to $0.73 in two years, an increase of 36,000%," the complaint alleges. Dogecoin buyers in the case have accused Musk of orchestrating a pyramid scheme by hyping the coin. Musk's relationship with dogecoin is currently the subject of a class action lawsuit in a New York federal court. It erased these gains days later when reports suggested he might drop the company's crypto ambitions. The coin jumped over 50% percent in October after Musk finalized his Twitter takeover. ![]() Shiba Inu gained 6.7%, dogelon mars gained 10%, and floki was up over 14%. Other dog-themed memecoins were also trading higher. Dogecoin is now in the top seven cryptocurrencies by market cap, ahead of Cardano's ADA, Polygon's MATIC, and just behind Ripple's XRP. In fact, Musk's tweets can move multiple markets. Robinhood declined to confirm or deny that it controls the wallet.ĭogecoin has a history of moving based on what the billionaire CEO does. Musk, through his lawyer, denied the claims and insisted that the wallet belongs to Robinhood, the equities trading platform offering support for several crypto assets. federal court, investors who have lost money on dogecoin have claimed that DH5ya is Musk's personal wallet. In a class action lawsuit filed against Musk in U.S. The run-up in value has drawn attention to a mysterious wallet known as "DH5ya" that once held a staggering $24 billion in dogecoin. Dogecoin's market cap stood at $13.7 billion at the time of writing. EST, up 3% over the past few hours, according to Binance data via TradingView. The coin has jumped by around 30% since the social media platform adopted its logo and its CEO began tweeting about it yesterday.ĭogecoin was trading at $0.0985 by 10:50 a.m. Dogecoin's Elon Musk-fueled rally continued into a second day on Tuesday as the memecoin soared after he replaced Twitter's blue bird logo with the icon of a Shiba Inu dog on the company's website. ![]()
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