Cryptocurrency Dogecoin fell by more than 8% per day due to the court case of Elon Musk

The quotes of the world’s most popular meme cryptocurrency Dogecoin have fallen again due to the events surrounding Elon Musk. According to Crypto Slate, DOGE has dropped by 8.2% over the past 24 hours — all because of a lawsuit against the billionaire. At the time of writing, the meme token is trading at $ 0.078.

On Friday, Musk asked a US court to dismiss a $ 258 billion lawsuit accusing him of creating a pyramid scheme by supporting the Dogecoin cryptocurrency. Elon Musk’s lawyers called the Dogecoin investors' lawsuit «fiction» because of Musk’s «harmless and often humorous tweets» about the cryptocurrency. «There is nothing illegal about tweeting words of support or posting funny pictures about a legitimate cryptocurrency that still has a market capitalization of almost $ 10 billion,» Musk’s lawyers said.

After the lawsuit was filed, Musk tweeted: «I will continue to support Dogecoin,» adding that he is also investing in the token himself. After such statements, DOGE rose in price once again, but it did not last long. In total, Dogecoin lost 43.8% of its value over the past year, which in many cases was caused by loud statements by the Twitter owner.

In early March, the value of Dogecoin fell to a two-month low due to Elon Musk’s interest in artificial intelligence. At that time, Musk stopped talking about cryptocurrencies and announced his intention to create a direct competitor to the most famous chatbot. However, the billionaire’s position has now changed: an open letter has been signed calling for a six-month moratorium on training more productive AI systems than the recently presented GPT-4 model from OpenAI.