Elon Musk was accused of promoting dogecoin, a scam

The American Keith Johnson has just filed a complaint in New York court. He accuses Elon Musk of having created a pyramid scheme like Ponzi on cryptocurrency Dogecoin. The American entrepreneur has become a crypto guru in spite of himself and he is accused of having massively promoted cryptocurrencies.

Today, the plaintiff is demanding $258 billion from the boss of Tesla (and Twitter NOW). You should know that he opened the file so that other people could join him. Collective action with ever greater impact.

For the complainant, the dogecoin is a pyramid scam. Crypto has no interest or function. The number of coins is unlimited and there are no ambitions to the project. By "promoting" this crypto, Elon Musk used its notoriety to encourage novices to invest.

This is therefore the main subject of the complaint. This prompts us to write an article to tell you about the dangers of influence. We are all more or less easily influenced and it is important to curb our enthusiasm when faced with certain speeches...

How would Elon Musk be guilty?

What this investor criticizes is the fact that Elon Musk blew hot and cold on dogecoin. Very clearly and it's difficult to say otherwise, Elon Musk had a very (too?) great influence on the price of dogecoin.

Remember that dogecoin was a simple joke and never pretended to be anything else. You can also see our video on the history of dogecoin (and/ read our article on the joke that started doge.

When in 2021, Elon Musk talked about Dogecoin as the crypto he liked the most, a huge crowd followed him. They invested in it and the price of dogecoin literally exploded. Dogecoin even reached its peak at 0.7 cents. Many thought it would reach $1. However, it has continued to plummet since then (since Elon Musk no longer talks about it much).

Subsequently, and notably on Television, Elon Musk reportedly declared that dogecoin was a scam. He speaks impulsively about a project that he does not seem to master.

In fact, investors began to want to sell. The beautiful history of dogecoin is starting to smell scorched.

The moral of this story

Legal proceedings against certain crypto operators are increasing. This is particularly favorable with the current market. Many investors have lost money and some resentment is emerging. That said, we must be careful not to look for blame when we are the only one responsible for our choices.

Elon Musk is an excellent entrepreneur, without a doubt. But, who tells you that he is a crypto connoisseur? Are you going to ask Zinedine Zidane for advice on cutting your meat? No. Well, with cryptos it's the same thing.

Elon Musk is somewhere one of the biggest crypto influencers in the world. It is enough that he speaks of a crypto (even if it would be a shitcoin) so that it increases in value. This is not how we are going to move forward in a healthy landscape.

The problem in our opinion does not come from Musk; The problem is that in cryptos, there are too many followers and few people who think for themselves. Just quickly make a fundamental analysis or read the tokenomics to realize that dogecoin is not a very relevant financial asset.

You can buy some and make some payments with it for fun, but it doesn't go any further (normally). The American investor invested millions of dollars thinking that the project was going to explode. His logic was that if Elon Musk supported the project, then that should be enough.

What heresy!

Always do your own research, don't listen to anyone. Even if an influencer has millions of subscribers, that doesn't mean he's completely knowledgeable. Always do your own research and don't be fooled by anyone's influence.

That's the only thing we can tell you.

Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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