Wider Cryptocurrency Market Remains Stable as Dogecoin Experiences a 5% Dip
Until now, the crypto markets have been fairly stable this month of April. One cryptocurrency that has been particularly notable, though, is Dogecoin (DOGE).
On Monday morning, the well-known meme cryptocurrency decreased to a low point of $0.76. However, it was able to slightly recover and reach $0.079 by the time the article was written.
CoinGecko's data reveals that Dogecoin experienced the biggest decline among the major cryptocurrencies, dropping by 5%.
The value of DOGE has increased by 5.7% this week. This was due to a small rise in the worth of the coin during the weekend, after Elon Musk, a big supporter of Dogecoin, asked a U.S. judge to dismiss a large lawsuit against him. The lawsuit claims that he controlled a racketeering scheme to support DOGE, with a total sum of $258 billion involved.
In June 2022, a legal case was initiated that takes aim at a billionaire, his electric vehicle company Tesla, and the Dogecoin Foundation. The plaintiff contends that the defendants committed fraud by misleading individuals into believing that the meme-based cryptocurrency was a valid investment even though it had no actual value.
However, according to the motion filed to dismiss the lawsuit, the plaintiffs did not adequately clarify why phrases such as "Dogecoin Rulz" or "No highs, no lows, only Doge" are deceitful or inaccurate. The defense argues that these statements are too imprecise and subjective to be considered fraudulent and merely constitute typical marketing exaggeration.
The plaintiffs did not clarify what Mr. Musk and Tesla are accused of hiding from the market. They argue that Dogecoin is a risky and speculative investment as it has no physical asset or governmental backing, and its value is solely based on what someone else is willing to pay for it at any given time. However, this information was widely known to most purchasers, and Dogecoin's co-founder, Billy Markus, had even expressed this fact on numerous occasions. This information is documented in the court filing.
The people who filed the legal action claimed that Dogecoin is a type of investment that falls under security. Nevertheless, the attorney who represents Musk maintains that the accusations of fraud in relation to security don't hold water since there isn't any clear evidence of deception or withholding of important information by the plaintiffs.
Top 10 Biggest Losses Led by Dogecoin
In other parts of the market, the widely used meme coin known as Shiba Inu (SHIB) has decreased by 3.5% throughout the day, similarly to Solana (SOL), which experienced a 3.6% decrease within the last 24 hours.
In the early hours of Monday, the value of Bitcoin (BTC) dropped to a low of $27,661 before bouncing back to $28,350 at the current moment. This indicates that the main cryptocurrency's price has remained largely steady over the last 24 hours, with only a 0.4% decrease.
The value of Ethereum (ETH) has decreased by 0.8% recently and is now being bought and sold for $1,811.
Currently, the total value of the global cryptocurrency market is at $1.22 trillion, which has reduced by 0.4% in the last 24 hours.
The thoughts and beliefs conveyed by the writer are solely for the purpose of providing information and should not be considered as advice regarding finance, investments, or any other subject matter.
