Starting from 2022, retail investors of Dogecoin have initiated lawsuits against Musk, claiming that he "manipulated the cryptocurrency market and committed a Ponzi scheme" A class action lawsuit with a total amount of up to 258 billion US dollars (requesting compensation+punitive damages) is currently under review Musk's lawyer argued that Dogecoin is a legal currency and his statement does not constitute misleading information, but rather serves as a humorous and opinion expression. As of mid-2025, this case has not been concluded yet.