Dogecoin (DOGE) ranks 6th among the top ten cryptocurrencies by trading volume, and is also on the top ten list of the most purchased cryptocurrencies by whales on the BNB Chain. According to the website of the blockchain tracking service, the resulting portfolio of BSC whales currently contains $10,104,819 worth of Dogecoins, which is 0.92 percent of the portfolio.
Besides, DOGE is trading at $0.05325 after falling 6.73 percent in the last 24 hours. The meme coin is being pushed down by the overall market decline as Bitcoin drops to $19,000 and Ethereum drops below $1,000. Besides that, Tesla boss Elon Musk, the biggest Dogecoin supporter, faced a lawsuit because of DOGE. The plaintiff is asking Musk to stop promoting Dogecoin (DOGE) and pay him a total of $285 billion.
Billionaire Elon Musk and his companies SpaceX and Tesla Inc are being sued for $258 billion in damages for their "involvement in the crypto pyramid scheme", which includes Dogecoin (DOGE). The compensation sought is over 34 times the current market cap of Dogecoin (DOGE) of $7.5 billion, almost three times the record market cap of $88.68 billion seen in mid-2021. A class action lawsuit filed by an attorney at Evan Spencer Law in New York District Court accuses Elon Musk of “operating and manipulating the Dogecoin Ponzi scheme for profit and entertainment using the title of the richest person in the world.”
Plaintiff Keith Johnson accuses Elon Musk and his companies of "unjust enrichment" of $86 billion through electronic fraud, gambling, false advertising, deceptive practices and other illegal activities. Johnson claims that he and other plaintiffs in the class action inflicted an average of $86 billion in losses between May 2021 and June 2022, along with an additional $172 billion in damages.