Twitter May Face Class Action Lawsuit for Alleged Manipulation of DOGE Price by Elon Musk

According to reports, Twitter may be listed as the defendant in a class action lawsuit against Elon Musk for manipulating the price of the DOGE currency. Evan Spencer, the representative of the plaintiff in the class action lawsuit, stated that Twitter had previously changed its logo to the logo of the DOE token and then changed it back, causing the price of the DOE to rise in a short period of time and then fall again. Therefore, a motion to list Twitter as a defendant will be submitted to the court.

Class action lawsuit against Musk for manipulating the DOGE currency price or listing Twitter as defendant

Recently, Twitter found itself caught in the middle of a legal battle between Elon Musk and the supporters of the DigitalCoin (DOGE) cryptocurrency. A class action lawsuit against Musk and possibly Twitter is looming, with accusations of market manipulation.

What Led to the Allegations of Market Manipulation?

Evan Spencer, the representative of the plaintiff in the class action lawsuit, claims that Elon Musk and Twitter played a part in artificially inflating the price of DOGE. Both parties allegedly committed various acts that increased the hype and speculation on the currency, causing prices to skyrocket before crashing back down.
One such act was a tweet by Musk in early May, where he hinted at breaking ties with Bitcoin and openly supported DOGE. The tweet caused a spike in DOGE prices and led to a sudden increase in demand for the currency. Musk followed up with other tweets and appearances on social media platforms, further stoking the flames of speculation and driving up demand for DOGE.
Spencer adds that Twitter itself played a role in the alleged market manipulation. According to him, Twitter intentionally changed its logo to that of the DOGE coin, causing users to mistakenly assume that Twitter had some kind of partnership with DOGE. The result was a sharp but temporary increase in DOGE’s price, quickly followed by a rapid drop as people realized their mistake.

Will Twitter Be Included in the Lawsuit?

Evan Spencer has announced his intentions to file a motion that will list Twitter as a defendant in the class action lawsuit against Elon Musk. However, it is unclear whether Twitter will be held liable for the alleged market manipulation, as there is no concrete evidence to suggest that the company had any direct hand in the price fluctuations of DOGE.
The legal battle may hinge on how much control Twitter had over the DOGE hype, and whether they intentionally misled users into thinking that the company had an interest in promoting the currency. It remains to be seen how the court will rule on the matter, but it is certain that the lawsuit will bring much-needed attention to the issue of cryptocurrency market manipulation.

Conclusion

The ongoing legal battle between Elon Musk and the supporters of DOGE has brought attention to the need for fair and ethical practices in the cryptocurrency market. While the allegations of market manipulation may be hard to prove, it is important that investors and users alike become more aware of the possible risks and uncertainties involved in cryptocurrency investment.

FAQs

**Q1. What is DOGE cryptocurrency?**
DOGE is a cryptocurrency that was created in 2013 as a joke, based on the popular “Doge” internet meme. However, it quickly gained popularity and is now one of the top cryptocurrencies in the market.
**Q2. What is market manipulation?**
Market manipulation refers to any actions that artificially inflate or depress the price of an asset, such as stocks, currencies or cryptocurrencies. It is illegal and can cause significant harm to investors and the overall market.
**Q3. What can investors do to protect themselves from market manipulation?**
Investors can stay informed about the news and developments in the cryptocurrency market, and be wary of hype and speculation. It is important to conduct thorough research before investing in any asset, and to be mindful of the risks involved.