Plaintiffs demanding $ 258 billion from Elon Musk have changed their demands

The lawsuit accusing Tesla CEO of organizing a pyramid scheme to support the Dogecoin cryptocurrency is gaining momentum. According to the amended complaint filed in Manhattan federal court on September 7, Musk, with the help of his companies Tesla Inc, SpaceX, and Boring, artificially raised the price of the meme cryptocurrency for two years in a row. The plaintiffs claim that the price of meme-coin has deliberately increased by as much as 36,000%. In this way, the defendants «made tens of billions of dollars in profits» at the expense of other Dogecoin investors. At the same time, the plaintiffs claim that Musk’s companies were aware that the digital currency had no value, and its value «depends solely on marketing.»

The initial lawsuit against the Tesla CEO was filed back in June. The plaintiff, Kate Johnson, claimed that Musk and his companies had created a fraudulent scheme to raise the value of Dogecoin. Shortly afterward, Musk assured that he would continue to support Dogecoin.

«To be honest, I mainly support DOGE because this cryptocurrency has a meme, the developers have a sense of humor, they don’t take the project too seriously. And yet, surprisingly, although DOGE was invented just as a joke, the real bandwidth of the Dogecoin network is much higher than the Bitcoin blockchain,» said the Tesla CEO.

Musk reminded that Dogecoin’s inflationary model allows for the release of 5 billion coins annually, while the number of bitcoins is limited to 21 million. According to the billionaire, this makes DOGE more suitable for use as an asset.

In August, crypto and Web-3 industry experts predicted that DOGE would cost no more than $ 0.16 by the end of 2022 and no more than $ 0.32 by the end of 2025. However, Elon Musk recently had an opportunity to raise the price of meme-coin: after the billionaire appeared on the Chris Rock show, Dogecoin rose to its all-time high of $ 0.7376.