Dogecoin (DOGE) Predicted to Rebound from Correction After a Strong Pump to $0.40

Investors have decided to withdraw the $258 billion class-action lawsuit filed against Elon Musk in 2022, which alleged market manipulation through

Dogecoin (CRYPTO: DOGE) investors are likely breathing a sigh of relief after a report surfaced that a group of investors have decided to withdraw a $258 billion class-action lawsuit filed against Elon Musk in 2022.

The lawsuit, which was filed in federal court in Florida, alleged that Musk engaged in market manipulation by posting a series of tweets about Dogecoin in 2021.

The tweets, which included statements such as "I'm hodling & won't sell," allegedly caused the price of DOGE to soar, leading to substantial profits for Musk and other early investors.

However, the investors who purchased DOGE at higher prices later in 2021 and 2022 are said to have suffered significant losses as the cryptocurrency’s price crashed.

The investors who filed the lawsuit claimed they lost money after being misled by Musk's tweets, which drove up the meme coin’s price, allowing him and his early investors to sell their holdings at a substantial profit.

The lawsuit further alleged that Musk used a "Dogefather" persona on social media to tout the cryptocurrency and influence its price movements.

The withdrawal of the lawsuit still needs to be approved by U.S. District Judge Alvin K. Hellerstein, according to a report by Binance.

If approved, the withdrawal could remove a key factor that has been putting downward pressure on DOGE's price.

Recent Whale Alert data showed a transfer of 198.5 million DOGE, valued at $71.98 million, from an unidentified wallet to Coinbase.

This large transaction has sparked speculation among cryptocurrency enthusiasts about a potential bullish rally in the near future.

Whale activity is often closely monitored by traders and investors as it can sometimes indicate the upcoming direction of a coin's price.

In related news, Coinbase (NASDAQ:COIN) CEO Brian Armstrong's recent endorsement of the “Department of Government Efficiency (D.O.G.E.)” in a tweet has brought attention to Dogecoin once again.

Armstrong included a TikTok video in his tweet, which showed a group of people dancing in front of a sign that reads "Department Of Government Efficiency (D.O.G.E.)" among other amusing government department names.

Bluntz Capital, a trader, observed that DOGE experienced a 23% dip recently, which he views as a technical correction within a broader impulse wave.

He anticipates a strong rally, terming this week "DOGE Week," during which the meme coin is likely to siphon liquidity from smaller meme coins in the market.

Another trader predicts DOGE reaching $0.50 by late November or early December, suggesting a potential 60% upside from current levels.

Crypto Daily Trade Signals is also bullish on DOGE, anticipating a strong rally in the coming weeks. "DOGE tiktoktiktokPump is loadinggg," the outlet said in a recent tweet.

Chart analysts Ali Martinez and another trader highlighted substantial room for an upward movement on DOGE's price chart, while one of them described the current rally as only the first phase of a longer bullish cycle.

IntoTheBlock statistics show large transaction volume increasing by 41.1% and daily active addresses up by 34.9%.

Bitinfocharts data shows that DOGE addresses with 10 to 100 billion DOGE are now two, up from one previously.

Coinglass data shows that DOGE short and long liquidations are at their lowest since Nov. 2 at $2.5 million and $3.1 million, respectively.

Meanwhile, open interest continues to grow to all-time highs at $2.9 billion.

The influence of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.