Reportedly, Elon Musk and his legal team have asked a judge in the US to dismiss a lawsuit worth $258 billion filed by investors of Dogecoin. The investors claimed that Musk had orchestrated a pyramid scheme to promote the cryptocurrency.
According to a report by Reuters on April 1, Musk's lawyers argued that the lawsuit, filed in June 2022 by Dogecoin investors, was a "work of fiction" and too vague to be justified as fraud. They argued that there is nothing illegal about expressing support for a legitimate cryptocurrency with a market cap of almost $10 billion.
Musk's lawyers described his statements about Dogecoin as "silly tweets" and referred to his appearance on Saturday Night Live in May 2021, where he called Dogecoin a "hustle," as a point of reference in the lawsuit. After the show, the price of DOGE reportedly dropped over 25% from $0.66 to $0.50 USD. Despite this setback, Musk appears to be working to reignite people's enthusiasm for Dogecoin and has stated that he is working with Doge developers to improve system efficiency, which could be "potentially promising."