Elon Musk, the Chief Executive Officer (CEO) of Tesla, has suggested that Dogecoin (DOGE) may be reintroduced as a payment option for Tesla items. This comes after Tesla successfully defended against a lawsuit that accused them of manipulating the price of Dogecoin.
Musk’s recent remarks have incited conjecture among the crypto community on the potential reintroduction of DOGE as a payment alternative on Tesla’s platform.
In January 2022, Tesla formerly facilitated Dogecoin transactions for items, however this payment method was discreetly eliminated without clarification, causing speculation among community members regarding its future prospects. Considering Elon Musk‘s widely recognized endorsement of Dogecoin, it is unsurprising that he is contemplating its revival.
On August 29, a judge dismissed a $258 billion class-action lawsuit alleging that Musk and Tesla engaged in price manipulation of Dogecoin. The lawsuit claimed that Musk leveraged his influence, including his appearance on “Saturday Night Live,” to artificially inflate the value of the crypto in a fraudulent “pump-and-dump” operation.
Judge Alvin Hellerstein determined that Musk’s remarks regarding Dogecoin were not deceptive and that a rational investor would not have interpreted Musk’s statements as a promise of financial gain. The court determined that the allegations were unsubstantiated and did not provide evidence to support the accusations of insider trading or market manipulation.
The price of Dogecoin witnessed a marginal decrease in response to the news, mirroring the overall market patterns observed in major cryptocurrencies such as Bitcoin, which also incurred losses.
Nevertheless, the community maintains a positive outlook on the possibility of Dogecoin resurging as a payment option on Tesla’s platform, particularly due to Musk’s ongoing endorsement of the cryptocurrency.
