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    Elon Musk Twitter comment appears to mock DOGE ponzi scheme lawsuit

    By Monte Stewart


    Updated

    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.

    DOGE to USD

    “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 Capital.com 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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    0.3851670
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    BTC/USD

    104,280.70 Price
    -2.110% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    ETH/USD

    3,851.73 Price
    -2.060% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    Gold

    2,645.15 Price
    -0.090% 1D Chg, %
    Long position overnight fee -0.0055%
    Short position overnight fee -0.0027%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    XRP/USD

    2.52 Price
    -3.520% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01258


    SHIB to USD

    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.

    BTC to USD

    Markets in this article

    DOGE/USD
    DogeCoin / USD
    0.3851670 USD
    -0.0158782 -3.970%
    TSLA
    Tesla Inc (Extended Hours)
    471.40 USD
    -0.17 -0.040%
    SHIB/USD
    Shiba Inu / USD
    0.00002574 USD
    -0.00000112 -4.180%
    BTC/USD
    Bitcoin / USD
    104280.70 USD
    -2241.2 -2.110%

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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.
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