The filing alleges that Musk “used his pedestal as World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme.” 

Lawyers for the tech billionaire described the lawsuit as a “fanciful work of fiction” based on “innocuous and often silly tweets” about the cryptocurrency, Reuters reported. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency,” his lawyers said. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.” 

Dogecoin is worth around $0.07, down nearly 90 percent from the all-time high it experienced in May 2021. Despite the losses, dogecoin retains a market cap of over $10 billion, ranking it among the top 10 most valuable cryptocurrencies. 

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