Elon Musk Denies $260B Dogecoin Pyramid Scheme Allegations

• Elon Musk has denied claims that he is the mysterious DOGE whale who made a profit of $124 million during the Dogecoin bull run.
• The class-action lawsuit filed in Manhattan also alleges that the CEO took part in market manipulation.
• Meanwhile, Elon stirred up the crypto pot by calling out the “Explain This Bob” AI bot linked to the $BOB memecoin, which caused it to tank by 35%.

Elon Musk Denies Owning Dogecoin

A class-action lawsuit was filed against billionaire innovator Elon Musk alleging his engagement in market manipulation and insider trading. According to the lawsuit, one mysterious DOGE whale made a profit of $124 million by selling 1.4 billion Dogecoin (DOGE) tokens right after Twitter changed its logo to Shiba Inu, which led to a massive bull run for DOGE. However, Musk maintains that this individual was not him.

Musk’s Alleged Involvement in Market Manipulation

The class-action suit also alleged that Musk took part in a “deliberate course of carnival barking“, referring to his public endorsement of Dogecoin on CNBC’s Saturday Night Live Show and numerous dog-themed memes posted on social media. At press time, DOGE is changing hands at $0.062 according to CoinGecko with 1% weekly gains and trading above key support levels since October 25th, 2022.

Elon Fires Shots at Bob

Elon stirred up more controversy on Twitter when he called out “Explain This Bob” AI bot linked to the $BOB memecoin causing it to tank by 35%. Created by Prabhu Biswal from India, the chatbot had scooped up over 400,000 followers before it got suspended shortly after Elon’s tweet.

Dogecoin Price Movement

Dogecoin continued to trade in phased consolidation throughout last week as it hovered above long-term support line since October 25th, 2022 according to CoinGecko.


The ongoing class action lawsuit against Elon Musk continues as defense attorney Alex Shapiro refuted allegations that his client engaged in market manipulation and insider trading concerning Dogecoin (DOGE). Meanwhile, Elon caused further commotion when he called out “Explain This Bob” AI bot resulting in its suspension from Twitter and causing a drop in price for BOB memecoin.

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