Elon Musk Refutes Allegations of DOGE Cryptocurrency Insider Trading

Elon Musk Counters Accusations of Insider Trading in DOGE Cryptocurrency

The enigmatic CEO of both SpaceX and Tesla, Elon Musk, has vociferously defended himself against accusations of insider trading in the realm of DOGE coins. His defense pertains to the alleged ownership of specific cryptocurrency wallets linked to the meme-based cryptocurrency, DOGE, a claim he adamantly denies. These allegations emerged in June when a group of disgruntled investors decided to take the matter to the federal court in Manhattan.

The Accusation: Market Manipulation of DOGE

The plaintiffs insist that Musk capitalized on his considerable clout online to sway the exchange rate of the internet's favorite meme cryptocurrency, DOGE. Their argument builds on Musk's twitter activity and his infamous appearance on the popular television show, NBC's Saturday Night Live in 2021. The plaintiffs deem these actions as "publicity stunts," paving the way for Musk to gain from the trading of DOGE coins.

According to an exclusive report by The New York Post, Musk has categorically denied any allegations of DOGE manipulation. Alex Spiro, Musk's attorney, was dismissive of the unfounded claim that specific wallets were in Musk's possession. The lawsuit suggested a connection between digital wallets supposedly belonging to Musk and Tesla and transactions executed between April 3rd and 6th.

The Coincidence: Twitter Logo Change and DOGE Sales

Curiously, the change in the logo of Musk's Twitter profile to the emblematic Shiba Inu dog— a symbol associated with Dogecoin— coincided with the same period. Spiro's statement refuted the connection, stating, "The only foundation for your claim rests on the selling of Dogecoin from these wallets at the same period."

Ironically, when Musk reverted to Twitter's traditional blue bird logo, a considerable drop of up to 9.5% was observed in the value of Dogecoin. Despite the market's reaction to Musk's actions, both he and his legal representation maintain their stance, denying all charges of manipulating the DOGE coin.