Dogecoin falls 5% as broader crypto market holds steady

So far so smooth for the crypto markets in April. However, standing out from the crowd is Dogecoin (DOGE).

The popular meme coin fell to a daily low of $0.76 on Monday morning before recovering to $0.079 by press time.

This represents a 5% drop for Dogecoin, making it the largest among the major cryptocurrencies, according to data provided by CoinGecko.

DOGE is still up 5.7% on the week after the coin got a moderate boost over the weekend after Twitter CEO and longtime Dogecoin fan Elon Musk on Friday asked a US judge to dismiss a $258 billion lawsuit who accused him of running a racketeering scheme to recover the cryptocurrency.

The lawsuit, which was filed in June 2022 and also targets the billionaire’s electric car company Tesla and the Dogecoin Foundation, alleges that the defendants “falsely and deceptively” claimed the meme coin was “a legitimate investment when it has no value at all.” “

However, the motion to dismiss the lawsuit says the plaintiffs failed to explain statements such as “Dogecoin Rulz” or “No highs, no lows, only Doge” are false or misleading, “as they are so vague and subjective as to constitute typical puffery.”

“The plaintiffs also never explain what risk Mr. Musk and Tesla allegedly hid from the market. According to the plaintiffs, Dogecoin is highly speculative and risky because it is not backed by any physical assets or government, but rather is worth “what someone else is willing to pay for it at any given time.” But these basic facts were well known to any reasonable buyer, including because Dogecoin co-founder Billy Markus, among others, had repeatedly said so,” the document says.

In their lawsuit, the plaintiffs also claimed that Dogecoin is a security, but Musk’s attorney argues that “securities fraud claims fail because plaintiffs fail to plead any material misrepresentation or omission.”

Dogecoin leads top-10 losses

Elsewhere in the market, another popular meme coin Shiba Inu (SHIB) is down 3.5% on the day, as is Solana (SOL) down 3.6% in the last 24 hours.

Bitcoin (BTC) fell to a daily low of $27,661 in the early hours of Monday, only to return to $28,350 at the time of writing, meaning the price of the leading cryptocurrency is virtually unchanged (down just 0.4% ) in the last 24 hours.

Ethereum (ETH) is down 0.8% for the period and is currently trading at $1.811.

The global cryptocurrency market cap is now $1.22 trillion, down 0.4% in the last day.

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