The Rise of Dogecoin: How Elon Musk's Jokes Sparked a Crypto Craze to Lawsuit

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Twitter's Bluebird has become a cryptocurrency icon and an old meme. Dodge is a shiba inu dog. In fact, it has been very popular in internet culture for the last ten years. It's Elon Musk's latest nonsense. Yes, but there's a backstory that has landed the billionaire in court over tweets about the Dogecoin cryptocurrency. Returning in 2019. Musk's legal team, specifically Tesla, the Magnets electric car brand, asked a Manhattan judge on April 14th to dismiss a lawsuit against Musk worth 235000 billion euros. 

One that, as expected, will not gain much traction and in which the lawyers will most likely succeed. Because a group of cryptocurrency investors blamed the billionaire for skyrocketing its value since 2000 and then allowing it to crash. 2021. A few minor changes, such as the word Dodge, are all that is required to prove that Musk would have orchestrated an intentional pyramid scheme fraud. 

There are only a few issues with this. The first is in 2019, when Musk began joking about the Dodge coin. The currency, which was a parody of bitcoin, had no value. Its highest quotes were between January and May of 2021, and they had nothing to do with Musk's tweets. The second reason is that, even at its peak, the Doge coin was only worth one-sixth of what those who sued must now demand. 

Musk also resurrected an old tweet from a conversation with another Twitter user and read it to a prankster who suggested he by Twitter and changed the bird logo to a dodge. For the time being, the dog remains. And, despite having eliminated more than 75% of Twitter's workforce in just six months, Musk has managed to persuade the engineers he still has to add new content. Twitter is now worth €22 billion less than it was when Musk purchased it, Musk explained two weeks ago.

Disclaimer:

None of these articles provide financial advice. Articles are summarised to make it easy for the reader and save your time, so please do your own research further before putting your hard earned money into any product mentioned.

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