Elon Musk Hit With Insider Trading Lawsuit Over Dogecoin

Elon Musk, the fabulously wealthier innovator, faces a class-action lawsuit from investors who accuse him of insider trading and manipulating Dogecoin (DOGE). Musk's actions allegedly led to a significant rise in Dogecoin's price.

Timeline of Dogecoin

Cryptocurrencies have witnessed a remarkable recovery this year, bouncing back from the market slump experienced in 2022. However, despite the significant rebound, their current values remain significantly below the record-breaking all-time highs reached in 2021.

Dogecoin trended downward in April after falling below $0.082, but exhibited rangebound price action in May. This was likely to continue in June, with DOGE facing a lack of substantial buying pressure.

AliExpress, the renowned global online retailer associated with tech giant Alibaba, has made a noteworthy move by embracing a memecoin that directly competes with the likes of Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogecoin Price Prediction: In the daily time frame chart, the DOGE price shows the formation of a falling channel pattern. Over the past seven months, the coin price rebounded twice from the upper trendline and thrice from the lower trendline indicating this pattern is greatly influencing this memecoin.

Dogecoin (DOGE) and Shiba Inu (SHIB) are two of the most popular meme coins in the world. Meme coins are a type of cryptocurrency that is based on a popular internet meme. They are often created as a joke or to poke fun at the cryptocurrency market.

Renowned entrepreneur and Tesla CEO Elon Musk is facing allegations of insider trading in a proposed class action lawsuit brought by investors. The lawsuit claims that Musk manipulated the price of the popular cryptocurrency Dogecoin, resulting in significant financial losses for the investors involved.

The meme-inspired cryptocurrency Dogecoin ($DOGE) has been noticeably lagging market-leading cryptocurrencies so far this year. A key chart indicator, the Bollinger bands, are now suggesting that there's a looming price “storm” ahead for the memecoin.

In a recent tweet, the @DogeWhaleAlert tracker of Dogecoin wallets shared that a couple of hours ago, a massive DOGE transaction was spotted, carrying slightly less than a billion DOGE — a cryptocurrency asset that was initially launched as a meme.

In recent trading sessions, the price of Dogecoin has experienced an upward trend, surpassing a significant resistance level. Over the past 24 hours, DOGE recorded a 1.2% increase, and within the last week, the coin appreciated by 2%.

Dogecoin (DOGE) recorded a significant surge in its network activity over the last two days, processing more than 4 million transactions between May 27 and 28, according to BitInfoCharts. The increase surpassed the number of transactions processed by its more storied rivals like Ethereum (ETH) and Bitcoin (BTC).