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Elon Musk Twitter comment appears to mock DOGE ponzi scheme lawsuit

By Monte Stewart


An Elon Musk montage
Elon Musk Twitter comment appears to mock DOGE ponzi scheme lawsuit- Photo: Shutterstock

An Elon Musk Twitter comment appeared to mock a $258bn (£210.25bn) lawsuit that claims the Tesla (TSLA) CEO manipulated the cryptocurrency whose success spawned a raft of new meme coins.

The lawsuit alleges that dogecoin (DOGE) is a ponzi scheme.


“I’ll keep supporting Dogecoin’s price,” Musk tweeted late Friday night.

Coin spikes after tweet

Doge spiked in early morning trading Monday in North America, CoinMarketCap data showed. 

But the meme coin was down after conventional markets closed, according to and CoinMarketCap data, whereas rival meme coin SHIB was broadly steady. 

DOGE is also well down from its May 2021 peak of 74 cents.

In mid morning Asia trading, DOGE was changing hands for $0.06023 a token. 

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0.61 Price
+5.060% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


3,500.99 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


66,754.55 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


2,401.36 Price
-1.830% 1D Chg, %
Long position overnight fee -0.0198%
Short position overnight fee 0.0116%
Overnight fee time 21:00 (UTC)
Spread 1.20


Musk’s comment came after he had remained silent on Twitter about DOGE for an extended period. 

Last week, a DOGE investor filed a lawsuit in New York against Musk, Tesla, and space tourism company SpaceX, which he also founded and heads.

Kevin Johnson filed the legal action in New York under the Racketeer Influenced and Corrupt Organizations Act, known as RICO. 

If a RICO lawsuit succeeds, the plaintiff is awarded triple damages plus attorney’s fees.

Reuters reported that Johnson is seeking $68bn in damages – the amount of DOGE’s decline since May 2021 – and wants the total to be tripled. 

Johnson also wants the judge to deem DOGE as gambling under federal and New York law.


Markets in this article

DogeCoin / USD
0.1293823 USD
0.0036055 +2.890%
Tesla Inc (Extended Hours)
239.25 USD
-11.34 -4.530%
Shiba Inu / USD
0.00001864 USD
0.00000002 +0.110%
Bitcoin / USD
66754.55 USD
-241.3 -0.360%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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