Elon Musk, as the richest person in the world, is increasingly in the spotlight, sometimes more positive, sometimes more negative.
After the CEO of Tesla and SpaceX announced the dismissal of 10 percent of the Tesla workforce a few days ago due to the critical situation of the global economy, the uncertainty in the market increased increasingly.
Now the visionary is in the spotlight again: Accused of promoting a pyramid scheme. At the same time, the companies Tesla and SpaceX led by him are being charged.
The company logos of Tesla and SpaceX
What is it about? What’s happened?
Yesterday, investor Keith Johnsen initiated an indictment at the New York court against none other than the currently richest man in the world: Elon Musk.
The indictment is designed as a class action, but who should join it? Why is the Tesla CEO being sued?
Elon Musk is known for being open to cryptocurrencies, he is currently even considering the implementation of crypto payment mechanisms in a potential takeover of the company Twitter.
For a long time, the billionaire has been advocating the usefulness of the technology of Bitcoin, Ethereum and, most importantly, a certain cryptocurrency: Dogecoin (DOGE).
The cryptocurrency, which was intended as a memecoin, was launched at that time without a real purpose or goal, meanwhile a development team is working on an effective infrastructure.
The promotion by Musk should have had a lasting impact on the course of the cryptocurrency, Keith Johnsen argues.
After the cryptocurrency fell over 92 percent compared to its all-time high, investors’ capital was stomped into the ground by DOGE.
Price history of the cryptocurrency Dogecoin (DOGE) since the beginning of 2020
At the current time, the cryptocurrency is trading at a price of $ 0.057.
What is the prosecutor hoping for?
In total, Musk is being sued for an amount of $ 258 billion.
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With a total wealth of 201 billion US dollars, even Musk can not service this amount at all if convicted.
The self-proclaimed value investor Keith Johnsen seems to have made a strong mistake with his investment in DOGE or, above all, an unfavorable entry point. He calls himself:
I am a value investor at my core.
The prosecutor has been working in the financial sector himself since April 2008 and is currently working as the chief investment officer of a fund.
He comments on Musk, Tesla and SpaceX as follows:
The accused knew since 2019 that Dogecoin has no value, but still advertised Dogecoin to profit from its trading.
Musk is said to have used his status to create the so-called Dogecoin ponzi scheme for profit, attention and amusement and to manipulate investors.
Dogecoin (Doge): information, forecast and price of the meme coin
Find out what Dogecoin (DOGE) is, why the meme coin is so well known, the potential of the course and where you can buy the cryptocurrency.
In addition to the general compensation, he basically wants to ensure that no promotion of altcoins or other projects for Musk is possible in the future.
Why are Tesla and SpaceX being charged?
Under Musk, both companies have accepted payment in Doge for merch items and are thus said to have advertised the cryptocurrency Dogecoin, according to Keith Johnsen.
A potential enforcement of the judgment is intended to prohibit the advertising of such highly speculative assets by large companies in the future.
To what extent the prosecutor gets through with his accusation before the court is difficult to judge at the current time. We will keep you informed.
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Dogecoin Course: Current chart analysis of the DOGE Coin
As already indicated above, the price of the meme coin DOGE has reduced by more than 92 percent since its all-time high.
Despite the strong sell-off of DOGE, the coin is currently ranked 10th of all cryptocurrencies.
The current price of the cryptocurrency is $ 0.05.
Current exchange rate of the cryptocurrency Dogecoin (DOGE)
Within the last week, Dogecoin, along with the entire crypto market, had to accept another price loss and loses about 27 percent.
In the chart itself, after the rapid price increases in May 2021, we can see a strong downward trend detect.
The counter-movements, i.e. the attempts to break out of the trend, were only of small strength.
With the achievement of the $ 0.05 price level, the cryptocurrency DOGE has a very potent Support level reached in the spring of 2021.
Consequently, the price of the coin could change within a short time by increase 10%.
1-day DOGE price chart
Within the DOGE chart we can see the emergence of a so-called Descending Triangles (Falling triangle). Potentially, at the end of this Chartformation often a volatile price movement to record.
Dogecoin on the 4-hour chart with RSI
If we add the 50- and 100-day averages, we see that DOGE is well below its averages of the past – not a positive signal for the further course of the price.
In the long term, the investor should always be guided by the intrinsic and thus fundamental value of an asset. The value of Bitcoin and its possibilities for the future are undeniable.
Without the faith and, above all, the understanding of the respective asset, an investor can quickly move from fear and pessimism to the seller’s side.
Our tip: Constant learning and information will help you to find the right assets for you in the long term.
You can find a variety of products on our entire website helpful contributions, tests and analyses which you can use to gather information.
Our Dogecoin savings plan calculator shows you that regular investing is worthwhile. Try it out!
Image source: Cryptopumpnews
