The billionaire and CEO of Tesla, Elon Musk, is often associated with Dogecoin and the cryptocurrency market in general. He recently offered $258 billion to settle a lawsuit that accuses him of hiding possible risks involving investments in cryptocurrencies, including the Dogecoin. The case remains ongoing in New York court.
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Dogecoin is a meme currency
While some cryptocurrency enthusiasts believe that Bitcoin could replace the traditional financial system in the near future, industry analysts see the Dogecoin just as a meme coin and do not recommend investments. Although the currency's rise this Monday (3) impacted internet users, it is important to remember that the cryptocurrency market is highly volatile and can be risky for inexperienced investors.
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