Dogecoin, the world’s largest meme cryptocurrency by market value, hit a five-week high of $0.085 on Sunday after Elon Musk’s lawyers asked a Manhattan court to dismiss a $258 billion lawsuit launched against the billionaire by DOGE investors.
Musk’s lawyers called the case as a “fanciful work of fiction” aimed to put Musk in a poor light and blackmail him using his “innocuous and frequently funny tweets” about Dogecoin during a court hearing on Friday. The lawyers also said that Musk’s accusers had failed to show how the Tesla CEO intended to deceive anyone, and that earlier comments such as “Dogecoin Rulz” and “no highs, no lows, only Doge” did not support the fraud charge.
Musk was sued last June by investors who accused him of running a pyramid scheme to support the joke cryptocurrency, inflating its price by more than 36,000% over two years until it crashed. The plaintiffs further claimed that they lost money as a result of the “Defendant’s fraudulent and deceptive assertion that Dogecoin is a legal investment when it has no value at all.”
Nevertheless, Musk’s lawyer, Evan Spencer, expressed confidence in a win
Investors have continued to accumulate the cryptocurrency, with data from Santiment indicating that addresses owning more than 10 million DOGE have accumulated 1.47 billion in coins worth $123.1 million since January 1st.
At press time, DOGE was trading at $0.079, up over 8% in the past 48 hours. After breaching key resistance of $0.07800
