Cryptocurrency exchange Binance announces that it will add new DOGEUSDT weekly options. The leading crypto exchange made the announcement via a blog post earlier today on its official website.
Per the update, the DOGEUSDT Weekly Options will be launched on August 10, at 08:00 (UTC). Furthermore, Binance adds that following this, there would be new DOGEUSDT Weekly Options contracts listed every Thursday at 08:00 (UTC).
For context, options in crypto trading refer to a contract that allows investors to buy or sell a particular asset at a particular price before a specific date. Binance also noted that the DOGEUSDT weekly Options are European-style options contracts.
It is worth knowing that the European options listed on the Binance exchange are settled daily, weekly, monthly, or quarterly with different expiry dates. The ripple effect of this update on the price of DOGE is yet to be seen. Live updates from CoinMarketCap show that Dogecoin is currently selling at $0.075. The price is up 0.31% in the last 24 hours.
Source: CoinMarketCap
Related Reading: Canadian Police Can Now Trace Crypto Crimes Using Specialized Software
Elon Musk lawyers file for dismissal of Dogecoin insider trading lawsuit
Meanwhile, the legal counsel representing billionaire Elon Musk has filed a second motion to dismiss the class action lawsuit against Musk alleging that he engaged in insider trading and market manipulation.
According to the August 7 filing to a New York federal court, Elon Musk’s legal team requested the court to dismiss the plaintiff’s lawsuit. Musk’s attorney, Alex Shapiro in a statement criticized the complaint presented by the Dogecoin investors, describing it as an “abusive and belligerent litigation tactic.”
The lawsuit first came about in June when a group of disgruntled Dogecoin investors claimed that Elon Musk has engaged in market manipulation to inflate the value of the memecoin.
It is no news that the Tesla CEO has an affinity toward Dogecoin. In fact, most of the asset’s growth has been fueled by Musk’s promo either directly or indirectly on X (formerly Twitter).
Notably, in an April 2019 tweet, Elon Musk jokingly endorsed Dogecoin as a potential favorite crypto. Consequently, the price of the memecoin was directly impacted and it generated a chain reaction that makes the price of DOGE spike each time Musk tweets about anything relating to the coin or even a dog.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
The outcome is the reason why Elon Musk now faces a class action against him for allegedly manipulating the value of the coin. The lead attorney for the class action lawsuit against Musk, Evan Spencer has continued to pursue Elon Musk and the class action against him.
Spenser now seeks a huge $258 billion in damages for the investors who claim they have been affected by the Twitter CEO’s “Dogecoin Pyramid Schemes.”
