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US Judge Dimisses Class Action Dogecoin (DOGE) Lawsuit Against Elon Musk and Tesla

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A US judge tossed the class action lawsuit accusing Elon Musk and his company Tesla of manipulating the Dogecoin (DOGE) market.

A group of disgruntled DOGE investors sued Musk in 2022, accusing the business magnate of orchestrating a pump-and-dump via a series of public comments about the popular memecoin.

Musk’s lawyers have filed multiple motions to dismiss the lawsuit, and the Dogecoin investors responded by filing amended complaints.

That back-and-forth ended this week when District Judge Alvin K. Hellerstein sided with Musk’s legal team and closed the case.

Hellerstein drew attention to the specific Musk quotes highlighted in the complaint, noting that he “failed to see” how the Tesla CEO manipulated the market or facilitated a pump-and-dump.

“These paragraphs allege statements by Musk on ‘Twitter’ to the effect that Dogecoin might be his favorite currency and that he had purchased some for his son, that Dogecoin is the people’s crypto and the future currency of Earth, that Dogecoin might become the standard for the global financial system and the currency of the internet, that Musk agreed to become Dogecoin’s CEO, and that Musk might put a ‘literal’ Dogecoin in SpaceX and fly it to the moon and that Dogecoin would pay for the mission, that Tesla vehicles could be bought with Dogecoin, and the like.

These statements are aspirational and puffery, not factual and susceptible to being falsified. They cannot be the basis of 10b-5 lawsuit… and no reasonable investor could rely upon them.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Whales Gobble Up Nearly $149,600,000 Worth of Cardano and Large-Cap Memecoin in Just Two Days: Analyst

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An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano (ADA) and a top memecoin as the market went sideways for the past week.

Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of ADA in a couple of days.

“Cardano whales bought over 80 million ADA in 48 hours!”

Image
Source: Ali Martinez/X

At time of writing, ADA is trading for $1.07.

Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).

“Whales bought another 160 million Dogecoin DOGE in 24 hours!”

Image
Source: Ali Martinez/X

At time of writing, DOGE is worth $0.40.

In total, the crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days during the past week.

Turning to Bitcoin, Martinez says he’s looking at BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for BTC.

According to the analyst, Bitcoin has a fortress of support above $94,000 as millions of wallets accumulated millions of BTC around and above the price area.

“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million BTC.”

Image
Source: Ali Martinez/X

At time of writing, Bitcoin is trading for $101,946.

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Analyst Says Dogecoin in Early Bull Market Stage, Sees DOGE Skyrocketing to Huge Target ‘If Things Go Wild’

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A closely followed crypto trader believes that top memecoin Dogecoin (DOGE) could soar to double digits based on historical patterns.

Crypto strategist Ali Martinez tells his 97,000 followers on the social media platform X that DOGE appears to be in the phase of the cycle when it pauses before skyrocketing to new record highs.

The trader shares a chart suggesting that DOGE is mirroring its price action during the 2017 and 2021 market cycles while trading in a large ascending channel.

“Check out where we are in the Dogecoin DOGE bull cycle! Very early, right?

For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18!”

Image
Source: Ali Martinez/X

At time of writing, DOGE is trading for $0.391, down nearly 5% on the day.

Turning to the layer-1 protocol Cardano (ADA), Martinez says that the altcoin can find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.

IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ADA. According to the metric, 41,720 addresses have accumulated over one billion ADA at $1.

Image
Source: Ali Martinez/X

Zooming out, Martinez says Cardano appears to be following its 2020 price action when it witnessed a period of retracement before soaring to fresh highs.

“Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”

Image
Source: Ali Martinez/X

At time of writing, ADA is trading at $1.

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Analyst

Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30

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Este artículo también está disponible en español.

The Dogecoin price action in the past 48 hours has been highlighted by a consolidation below the $0.45 price level. Interestingly, technical analysis shows that this consolidation is part of a bullish pennant that has been in formation since early November. Particularly, Dogecoin is currently in the flag phase of the bullish pennant formation, which is known to be the consoldation phase before the next leg up.

According to Crypto analyst KrissPax, this Dogecoin price movement is creating a “great springboard for the next big Doge pump.”

Dogecoin’s Sideways Trading Forms The Foundation For Growth

The Dogecoin price has been trading within range since it reached the $0.47 mark on November 23. This range has been highlighted by a key support level around $0.37 that prevented further declines on November 26. Crypto analyst KrissPax noted that this consolidation has held above support, which he interprets as constructive rather than negative.

In terms of a Dogecoin price outlook, KrissPax highlighted that the consolidation has led to the formation of a bullish pennant, which is set to be broken at the upper trendline. For his price prediction, he highlighted the $1.3 level as the prime target after the breakout. 

The bullish pennant typically forms after a strong upward rally followed by consolidation, with price movements resembling a triangle. A breakout from this pattern often signals the continuation of the prior trend, making $1.30 a plausible target if the pattern holds true.

What Could Drive The Dogecoin Price To $1.3?

At the time of writing, Dogecoin is trading at $0.419, according to CoinMarketCap, reflecting an impressive surge of about 178% over the past 30 days. Should Dogecoin manage to sustain its upward trajectory and achieve a breakout toward the $1.30 target, it would represent an additional 210% increase from its current price, as well as a decisive move beyond its all-time high of $0.7316.

However, the path to $1.30 depends on other market factors that extend beyond the bullish pennant pattern currently forming in Dogecoin’s price chart. Nonetheless, current market factors suggest that the meme coin’s price is still in a good position to keep growing. A key contributor to this outlook is the recent surge in activity on the Dogecoin blockchain, particularly among large holders. 

According to data from blockchain analytics firm Santiment, there has been a significant whale accumulation over the past several days. According to Santiment’s data, Dogecoin whales collectively acquired an additional 160 million $DOGE tokens within just 48 hours. This increase in demand could help sustain Dogecoin’s price rally and support its bid to surpass previous highs.

Dogecoin price chart from Tradingview.com
DOGE price holding $0.42 support | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com





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