• Elon Musk has been an outspoken supporter of Dogecoin (DOGE) and recently tweeted a meme regarding the cryptocurrency which caused a 4% price rally.
• DOGE’s price increased by 15% following Ripple’s [XRP] partial victory in its legal battle with the U.S. Securities and Exchange Commission.
• Investors have proposed a class action lawsuit against Musk for allegedly manipulating the Dogecoin (DOGE) market, costing them billions of dollars.
Elon Musk’s Support for Dogecoin
Elon Musk, the boss of both Tesla and Twitter, has been an outspoken proponent of the meme-inspired cryptocurrency Dogecoin (DOGE). Recently, he tweeted a meme around Dogecoin [DOGE], leading to a modest price rally of 4%. Following this news, DOGE’s price rallied 15% due to Ripple [XRP] securing a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC).
The Class Action Lawsuit Against Elon Musk
Investors have proposed a class action lawsuit against Elon Musk for allegedly manipulating the Dogecoin (DOGE) market, costing them billions of dollars. New court documents reveal that plaintiffs in the lawsuit are accusing the billionaire of using a “bottomless war chest” to fund a harassment campaign against them.
ChatGPT’s Opinion on Dogecoin
ChatGPT cautions investors to be cautious of investing in Dogecoin due to its highly volatile price action so far. Despite his enthusiastic support for DOGE, Elon Musk has expressed skepticism over ChatGPT’s long-term prospects and dangers associated with it’s use on many occasions.
Dogecoin Price Predictions 2023-2024
Despite all these events taking place, it is yet unclear what direction DOGE will take in terms of pricing predictions over 2023-2024 as volatility remains high within the cryptocurrency markets at present time.
Conclusion
In conclusion, caution must be taken when considering any investment in Dogecoin given its highly unpredictable nature due to several external factors such as Elon Musk’s vocal support or news about other related cryptocurrencies such as Ripple [XRP].
