The price of Dogecoin (DOGE) has surged 4% in the last 24 hours after a Manhattan judge permanently dismissed a lawsuit that alleged Elon Musk and Tesla manipulated the price of DOGE. At this time, DOGE is trading at $0.1016, up from $0.098.
Since the onset of DOGE, its price has been tied to comments made by Elon Musk on X (then Twitter). In June 2022, a group of unhappy DOGE investors sued Musk and Tesla for $258 billion in damages.
Investors accused Musk of driving up DOGE’s price by “more than 36,000% over two years and then letting it crash.” They further said Musk “used his pedestal as the world’s richest man to operate and manipulate the Dogecoin Pyramid Scheme.”
After that, Musk requested that the lawsuit be dismissed on March 31. Officially, a Manhattan judge permanently dismissed the lawsuit. U.S. District Judge Alvin Hellerstein made the ruling on Thursday night.
Hellerstein said the statements were “aspirational and puffery, not factual and susceptible to being falsified,” adding that “no reasonable investor could rely upon them.”
Hellerstein wrote in the judgment that “Defendants’ motion to dismiss the Fourth Amended Complaint is granted with prejudice […] The Clerk shall enter judgment in Defendants’ favor and tax costs, dismiss the Fourth Amended Complaint with prejudice, terminate all open motions, and mark the case closed.”
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