Elon Musk has publicly confirmed that work on integrating Dogecoin continues unabated across his corporate empire, despite facing a colossal $258 billion racketeering lawsuit alleging he operated a pyramid scheme to promote the cryptocurrency.
The Tesla and SpaceX CEO took to his social media platform, X (formerly Twitter), to announce that development is 'proceeding' on the meme-inspired digital currency. This statement comes at a time of intense legal scrutiny, with a class-action lawsuit accusing Musk and his companies of deliberately inflating Dogecoin's value.
The Core of the Legal Allegations
Investors bringing the case forward claim that Musk, along with Tesla and SpaceX, engaged in a deliberate campaign to pump up the price of Dogecoin before allowing it to crash, resulting in significant financial losses. The lawsuit meticulously details a series of tweets, public appearances, and even merchandise sales that plaintiffs argue were part of a coordinated effort.
Musk's legal team has vehemently denied these allegations, filing a motion to dismiss the case entirely. They argue that his support for Dogecoin was nothing more than 'worthless statements of subjective opinion' protected as free speech.
X's Ambitions as a Financial Hub
Central to the ongoing work is the transformation of X into a comprehensive 'everything app'. Musk's vision includes a robust payments system, and Dogecoin is widely expected to be a foundational element of this new financial infrastructure. The platform has already secured several money transmitter licenses across the United States, a clear signal of its serious intent.
This development work suggests a high level of confidence from Musk and his companies that they will successfully navigate the legal challenges and emerge ready to launch their crypto-centric payment services.
A Timeline of Musk's Dogecoin Engagement
- 2019: Musk begins tweeting about Dogecoin, calling it his 'fav cryptocurrency'.
- 2021: Tesla briefly accepts Dogecoin for merchandise; SpaceX announces it will accept the currency for satellite launches.
- 2022: The class-action lawsuit is filed in a New York federal court.
- 2023: Musk continues to promote Dogecoin, often influencing its market price with single tweets.
- 2024: Musk confirms work on Dogecoin integration continues amidst the ongoing legal battle.
The outcome of this legal battle is being closely watched by the entire cryptocurrency industry, as it could set a significant precedent for the boundaries of executive speech and market influence.
