Elon Musk Disputes Dogecoin Ownership and Price Manipulation Allegations
According to a report by the New York Post, Elon Musk, the billionaire entrepreneur, is denying allegations that he owns Dogecoin (DOGE) and manipulated its price.
In a letter reviewed by the publication, Musk’s lawyer, Alex Spiro, states that the plaintiffs’ claims about Musk’s ownership of a Dogecoin wallet are unfounded and without merit.
Musk, who has shown support for the meme-inspired cryptocurrency, was sued in June 2022 by a group of disgruntled DOGE holders, who alleged that he manipulated the digital asset’s price, leading to their financial losses.
Recently, the plaintiffs attempted to amend their complaint, accusing Musk of using various methods like Twitter posts, his appearance on “Saturday Night Live,” and paying influencers to promote DOGE for his personal gain.
READ MORE: Dogecoin: Whales Move Abruptly Over $335 Million in DOGE
The plaintiffs also claimed that Musk sold approximately $124 million worth of Dogecoin after its price surged by 30% following his decision to temporarily change Twitter’s logo to the Shiba Inu dog, the symbol of Dogecoin.
In response, Musk’s legal team argues that the evidence presented to link Musk to the wallets is purely circumstantial. Spiro notes in the letter that the only basis for the claim is that the wallets sold Dogecoin during a period when prices were allegedly rising, as stated in the Third Amended Complaint.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
