Dogecoin Lawsuit Against Elon Musk Dropped

Investors Drop Dogecoin Lawsuit Against Elon Musk

A $258 billion class action lawsuit accusing Elon Musk of market manipulation through his Dogecoin endorsements has been abandoned. Lawyers for both Musk and Dogecoin investors filed to dismiss the case, including all appeals and motions, citing factors like the court’s earlier dismissal and Musk’s prominent political alignment.

The lawsuit initially claimed Musk misled investors through public statements and actions tied to Dogecoin, including his Saturday Night Live appearance and replacing X's logo with a Shiba Inu. Judge Alvin K. Hellerstein previously ruled Musk’s Dogecoin-related statements as “aspirational and puffery,” dismissing the case in August.

The decision came as Musk’s influence over Dogecoin continued to grow, with recent political developments tying the cryptocurrency to the Department of Government Efficiency under President-elect Trump. Despite accusations of frivolous lawsuits and harassment claims from both sides, the case ends as Dogecoin remains a focal point in public discourse.

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Spot Bitcoin ETF Options Near Listing Milestone

The CFTC has cleared the way for spot Bitcoin ETF options, removing itself from further involvement and passing the matter to the Options Clearing Corporation (OCC). Analysts predict the products could be listed imminently, with some expecting approvals by the end of 2024 or early 2025. This is another key step following SEC approval for spot Bitcoin ETFs earlier this year.

ETF analysts highlight the potential impact of Bitcoin ETF options, drawing parallels to previous market rallies inspired by large-scale options trades. The listing could amplify Bitcoin’s price action and bolster institutional involvement. The OCC’s next phase will determine the timeline, with some speculating that Q1 2025 could see the first listings.

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Bitcoin Meme DOG Token Soars After Binance Listing Proposal

DOG, a Bitcoin meme coin, surged 88% this week amid rumors of potential futures listings on Binance following its recent debut on Kraken. DOG’s popularity has soared alongside other Bitcoin runes like PUPS and BDC, caused by increased trader interest in meme coins. Speculation around Binance’s involvement and DOG’s unique place as a Bitcoin-native meme coin rose too.

DOG was launched using the Runes protocol and quickly became the most widely held Runes token. The token’s market capitalization has grown to $791 million, pointing out the rising demand for Bitcoin meme coins. Traders anticipate further listings, as DOG becomes more popular outside its current list of followers.

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Ethena Approves Revenue Sharing for Token Stakers

Ethena Foundation approved Wintermute’s proposal to share a portion of the protocol’s fee revenue with stakers of its ENA token. The decision, announced in Ethena’s governance forum, aims to align stakers with the protocol’s growth and revenue generation. Ethena’s native stablecoin, USDe, has seen broad adoption since its launch, with a circulating supply of $3.2 billion.

The move addresses a previous disconnect between ENA stakers and the protocol’s revenue. Wintermute’s integration of USDe as collateral for spot and derivatives trading further boosts its utility. The governance proposal signals Ethena’s commitment to long-term value creation for its ecosystem participants.

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Data of the Day

Weekly NFT sales volume hit $185 million, a 94% increase compared to the prior week, as the crypto market experiences bullish momentum.

Ethereum led with $68 million in sales, followed by Bitcoin with $62 million, partially thanks to the renaissance of Bitcoin NFT marketplaces.

Solana and other chains contributed as well, with the average NFT transaction value rising 88% to $133.08. The surge breaks a seven-month downturn for NFTs, signaling renewed market interest.

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More Breaking News

• Robert F. Kennedy Jr revealed he invested most of his wealth into Bitcoin, calling it the "currency of freedom" and a hedge against inflation.
• Polymarket whale lost $3.6 million betting on Mike Tyson, offsetting a portion of their $11 million gain from predicting Trump’s election victory.
• CryptoQuant CEO revised Bitcoin’s price ceiling to $135,000 for 2024, urging caution on leveraged positions in an overleveraged market.
• Upbit, a leading crypto exchange in Korea, has violated KYC rules for over 500,000 accounts, risking fines and license renewal challenges.
• StarkWare's CEO predicts a fourfold increase in Starknet's transaction speed and a 5x reduction in fees within three months.

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