Elon Musk's Dogecoin Drama: Accusations of Insider Trading Rock the Cryptocurrency World

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.

Timeline of Dogecoin

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).

Dogecoin Price Analysis: Amidst a volatile market environment, the Dogecoin price has displayed a sideways movement between the $0.075 and $0.069 mark. Using the aforementioned $0.069 as base support this memecoin shows the formation of a double bottom pattern.

According to a series of recent tweets published by the @DogeWhaleAlert wallet tracker, over the past 24 hours anonymous wallets have shoveled slightly over 200 million Dogecoin between each other.

Dogecoin (DOGE), the eighth largest cryptocurrency by market capitalization, might be hinting at a price reversal; a falling wedge pattern has been spotted on its chart, which suggests a bullish trend reversal.

Dogecoin was founded back in 2013 by two programmers – Billy Markus (the legend says that he coded DOGE sitting at home in his underwear, taking just a few hours for that accomplishment) and Jackson Palmer.

Dogecoin (DOGE), the crypto ecosystem's first and largest meme coin, is seeing a massive surge in the number of whale transactions on the network as the broader market returns to a profitable path. According to data from IntoTheBlock (ITB), the number of DOGE transactions surpassing $100,000 over the past 24 hours jumped by more than 152% to 1,250.

Popular commission-free trading platform Robinhood has, according to data from the blockchain, moved around 8% of the supply of the meme-inspired cryptocurrency Dogecoin ($DOGE) to a new mysterious wallet.