• SpaceX promises merchandise purchases and the launch of Doge-1 satellite, fueling a bullish sentiment among holders. 
  • A Dogecoin proponent revealed there are currently 100 Dogecoin nodes running on Starlink. 
  • Analysts identified $0.06531 as the next resistance level for Dogecoin in its uptrend. 

In the $258 billion lawsuit against Elon Musk, seven new plaintiffs have joined the fight. Musk is accused of running a pyramid scheme supporting the cryptocurrency, DOGE. Despite the lawsuit, DOGE has found utility among traders and merchants. 

Also read: Ethereum Merge could break the internet according to Preston Van Loon

Lawsuit against Elon Musk over Dogecoin drags on

Elon Musk is facing a $258 billion lawsuit accusing the entrepreneur of running a pyramid scheme to support Dogecoin expansion. The latest development in the lawsuit is the addition of new defendants and plaintiffs. Seven new investor plaintiffs and six new defendants, including tunnel construction business Boring Co. joined the lawsuit. 

The lawsuit states that Musk, his electric car company, and space tourism company SpaceX intentionally drove up Dogecoin’s price. Dogecoin price increased 36,000% over the last two years before its untimely crash. In the process defendants “profited tens of billions of dollars” at other Dogecoin investors’ expense. According to the lawsuit, Dogecoin lacks intrinsic value and its value “depended solely on marketing.”

Musk confirmed his support for Dogecoin despite the news of the lawsuit. The self-proclaimed Dogefather has been promoting Dogecoin on Twitter and believes DOGE has potential as a currency, it is people’s crypto. 

Dogecoin has bullish potential

Denys Serhiichuk, a crypto analyst, identified bullish potential in DOGE. The analyst believes DOGE will likely face resistance at the $0.06531 level. Currently, DOGE price climbed past the barrier at the $0.06389 level. 

DOGE-USDT price chart

DOGE-USDT price chart

Despite the decline in Dogecoin’s price, the meme coin is now approaching its next resistance. If buying pressure on DOGE continues, a breakout could push Dogecoin price higher. The next resistance level after $0.06531 is $0.068. Dogecoin is trading at $0.064 at the time of writing, and has remained unchanged over the past 24 hours. Analysts expect DOGE to sustain its current uptrend and witness a spike in buying pressure that pushes Dogecoin price higher. 
 

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