Elon Musk was accused of knowing about the ups and downs of the Dogecoin cryptocurrency and even having “fiduciary relationship‘ with this meme coin. This is reported by Gizmodo.

The billionaire was accused of insider trading by people who sued him for $258 billion for trying to inflate the price of Dogecoin. The lawsuit was filed by investors in Elon Musk’s companies, including Tesla, SpaceX, and Boring Co.

They claimed that the businessman ran a kind of financial pyramid scheme, trying to get people to invest in cryptocurrency and get rich from it. Last month, Musk’s lawyers asked the court to dismiss the lawsuit, saying it was a fabrication.

The investors have now filed a motion to amend the lawsuit to consolidate several claims and add allegations that Elon Musk influenced the creation of the meme coin. They claim that Musk boosted the cryptocurrency’s price by 36,000% in May 2021, just before calling Dogecoin a hoax on Saturday Night Live.

Elon Musk’s outrageous cryptocurrency actions are also mentioned in the lawsuit. For example, in April, he changed the Twitter logo with a blue bird to an image of a Shiba Inu dog Kabosu – the inspiration behind the corresponding meme and, as a result, Dogecoin. The prank raised the price of the cryptocurrency by 30%, but it plummeted after the logo was removed. According to investors, Musk sold about $124 million in Dogecoin that month.

We remind you that Dogecoin is a cryptocurrency based on Litecoin. It is named after the famous Internet meme Doge, and generally appeared as a joke.