fbpx Created by icons.designfrom the Noun ProjectCreated by icons.designfrom the Noun Project
Back to Blog Posts
UK Admissions

Does the $258B Dogecoin Lawsuit Against Elon Musk have Merit?

June 23, 2022 -
By unikey

On the 16th of June 2022, a class action lawsuit was filed in Manhattan by an American Dogecoin investor named Keith Johnson.  He accused Elon Musk and his two major companies, Tesla and SpaceX, of engaging in manipulation of Dogecoin and thus creating a crypto pyramid scheme.  Johnson is suing Musk for $86 billion in damages plus tripled damages of $172 billion for his losses from trading dogecoin since 2019, this comes to a total of $258 billion. 

Dogecoin was created in 2013 as a lighthearted joke for crypto enthusiasts and took the name and face of the popular meme ‘doge’, an intentionally misspelt word describing a Shiba Inu dog.

In May 2021, Dogecoin rose to a high of $0.68, compared to a value of just under one penny at the beginning of the year, which is approximately a 6700% increase in value. Elon Musk was partially responsible for this growth as he frequently promotes Dogecoin as his favourite cryptocurrency.  By March 2022, the value of Dogecoin had fallen to $0.11, approximately an 83% decrease in value as more people began to invest. Unlike Bitcoin, Dogecoin has no lifetime cap, meaning that an unlimited amount of Dogecoin can be mined, thus making it highly inflationary.

While Musk was warned about his reckless tweets regarding cryptocurrencies as his popularity has enough traction to move markets tremendously, it is not illegal.  One example of manipulation would be if a major investor glorifies a particular asset, attracts new buyers and then sells their stock before the inevitable crash.

Elon Musk himself has not made an official comment on the lawsuit as of yet, but we are very interested in what this eccentric billionaire has to say.

Our events

Hear what our consultants have to say about UK / US admissions!

More about Admissions Preparation

Read beyond your academic syllabus and get prepared for your application!

UK Admissions

Do Aliens Really Exist: One Step Closer to Answering This Age Old Question?

Back to Blog Posts UK Admissions WHY STUDY IN […]
UK Admissions

STEAM Courses: Learn “Outside” of Textbooks

Back to Blog Posts UK Admissions WHY STUDY IN […]
Boarding SchoolUK Admissions

UK Boarding School Application: The Ultimate Guide

Back to Blog Posts UK Admissions WHY STUDY IN […]

Joe Biden Planning to Reverse Trump Policies

Just a few days away from Joe Biden’s inauguration, […]

Our Popular courses

Select the programmes offered by UNIKEY and start your admissions plan today!

Stay connected with us on social media