Elon Musk Dogecoin Lawsuit: Tesla To Bring Back DOGE Payments

Elon Musk Dogecoin Lawsuit: Tesla to Reintroduce DOGE Payments

In a favorable ruling, the US district court dismissed a lawsuit alleging Dogecoin manipulation against Elon Musk and Tesla. Judge Alvin Hellerstein ruled that Musk's tweets about DOGE were not actionable, characterizing them as "aspirational and puffery."

Following this victory, Elon Musk has reaffirmed his intention to reintroduce Dogecoin payments for Tesla merchandise.

Tesla to Accept DOGE for Merchandise

Musk confirmed his plans to reinstate Dogecoin payments for Tesla merchandise via Twitter. Although initially limited to merchandise, the company may eventually enable DOGE payments for its vehicles. Musk has consistently expressed his support for such a move, including at a recent event at Tesla's Giga Berlin facility.

The lawsuit dismissal and Musk's continued support for Dogecoin are expected to boost DOGE adoption, including its wider acceptance for payments.

Dogecoin Lawsuit Dismissed

Judge Hellerstein ruled that the lawsuit, filed in 2022, lacked merit. He stated that reasonable investors should not rely on Musk's tweets for investment decisions. The plaintiffs had sought $258 billion in damages.

DOGE Price Rally Anticipated

Musk's unwavering support for Dogecoin and his plans to integrate it into social media platforms have sparked speculation of a potential price rally. The news of Tesla's previous acceptance of Dogecoin for its products sent the coin's price soaring over 20%.

Technical analysis suggests that DOGE's price could rally by 50% as a result of the lawsuit dismissal. Some analysts even predict a surge to $1.

Currently trading at $0.101, DOGE has experienced a 1% increase in the past 24 hours. The 24-hour trading volume has also increased by 21%, signaling renewed interest among traders.

Source: CoinGape