Elon Musk is Accused of Using Dogecoin for Pyramid Scheme

Elon Musk is currently being sued by billionaire investor Keith Johnson. Also on the hot line are Musk’s companies SpaceX and Tesla.

Johnson is suing musk for $258million because he is suspected of supporting a pyramid plan involving the meme cryptocurrency Dogecoin, claiming that Doge is a “trick to fool big fools”.
Elon Musk is accused of carrying out the pyramid project

The investor used the comments of billionaires Warren Buffett, Bill Gates and others to justify his complaint. They openly questioned the value of cryptocurrencies such as bitcoin (BTC). However, there is no concrete evidence to prove that Doge is “worthless” or that Elon Musk designed and implemented a “pyramid plan”.

Keith Johnson claimed that after deciding to invest in Dogecoin, “he felt cheated by Tesla’s CEO”. He accused musk of using his tweets to “exaggerate” the value of Doge and promote it for his “own interests, exposure and entertainment”. Johnson is also seeking a court order to prevent the billionaire from promoting meme cryptocurrency.

The requirements put forward by investors are based on the argument that “the market value of Dogecoin has decreased since may2021”. In addition, Johnson wants Doge to declare itself a “bet” under New York federal law.

Other evidence used in the lawsuit was Elon Musk’s speech on the TV program “Saturday night live”, in which he played a financial expert and called Dogecoin “a noise”. In addition, Keith Johnson believes that Dogecoin is an “illegal fishing company” that uses twitter to promote, publicize and manipulate.

VEDIO:https://youtu.be/PmttDuPAy-0

Falling  Value of Doge

Previously, the market value of Doge was about US $11.39 billion at the close of the fifth month of this year. This is 35% lower than the market value on the opening day. On May 1, Doge recorded an astonishing trading volume of USD 991.71 million, corresponding to a market value of about USD 17.62 billion.

A few days ago, California Senator candidate Timothy ursich announced a bill that, if elected, would make Dogecoin (Doge) the legal tender of the state. In the legislative elections scheduled to be held in November this year, ursich will represent the Democratic Party to run for a seat in the US Senate corresponding to the famous west coast state.