Is It Too Late To Buy Dogecoin as Elon Musk Loses Key Lawyer In Lawsuit - Bearish for DOGE Price?
The ongoing Dogecoin (DOGE) insider trading case involving Tesla CEO Elon Musk has taken a new turn, as Musk's key attorney, Adam Gabor Mehes, has filed a motion to withdraw counsel.
With the DOGE price teetering on the edge of uncertainty, investors are left wondering if it's the right time to buy into the popular meme coin as the legal drama unfolds.
Musk stands accused of using his social media influence to pump the DOGE price, then selling off his holdings when the price peaked.
The lawsuit alleges that Musk made use of $95 million worth of Dogecoin (DOGE) for personal gain, citing transactions that occurred between April 3 and April 6, which were allegedly connected to digital wallets held by Musk and Tesla.
During the period in question, the Twitter logo, which is owned by Musk, was replaced with the Dogecoin logo.
This change resulted in a significant 30% increase in the DOGE price, which rose from $0.07705 to $0.10109.
In response to these allegations, Musk's attorney Alex Spiro countered the plaintiff's attorney Evan Spencer, stating, "You specifically allege, without basis, that the following wallets 'belong' to Defendants."
Spiro continued, "You are wrong." Despite claims that Elon Musk's wallet contained more than $25 billion worth of Dogecoin, Musk has denied all accusations.
Legal records indicate that Mehes collaborated with the ex-CEO of Twitter for slightly more than a year and played an active role in multiple legal proceedings. The reason behind his decision to withdraw counsel remains unclear.
This recent event follows a leaked correspondence from the legal representatives of Elon Musk to the New York Post.
In the letter, Musk refuted claims of possession of particular crypto wallets that have been linked to
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