According to Foresight News, the New York Post reported that Elon Musk denied owning a Dogecoin wallet related to insider trading. His lawyer Alex Spiro told the plaintiff's lawyer, "You explicitly claimed without any basis that the following wallets 'belong' to the defendant." "The only basis for your claim is that, according to the third revised complaint, these wallets sold Dogecoin when the price rose."

Foresight News previously reported that on June 2, according to Reuters, according to Manhattan federal court documents, Elon Musk was accused of insider trading in a proposed class action lawsuit, and investors accused him of manipulating Dogecoin using Twitter, paid KOLs, "Saturday Night Live" and other publicity stunts, causing billions of dollars in losses. Investors said that Musk replaced Twitter's blue bird logo with a Shiba Inu logo in April, causing Dogecoin to rise 30%, and then sold about $124 million in Dogecoin. Judge Alvin Hellerstein also approved the investor's request to dismiss the non-profit Dogecoin Foundation as a defendant.