Dogecoin Price in Focus As Elon Musk Says ‘Most Crypto Are Scams’

Key Insights:

• Dogecoin price continued its intraday rally amid the latest comment of Elon Musk on crypto.
• He said that most crypto coins are scams, but appreciated that some have merit.
• These remarks came in the court as he is involved in a lawsuit against OpenAI.

The ongoing feud between Elon Musk and Sam Altman has now also become a battle over artificial intelligence, corporate governance, and even crypto.

Recently, Bitcoin and Dogecoin price took center stage in new revelations in the courtroom related to Musk’s OpenAI lawsuit.

Dogecoin Price Gains As Elon Musk Shares Views On Crypto

As Elon Musk was questioned in an Oakland courtroom this week, he was asked about cryptocurrency in relation to the AI company’s previous funding plans. He also answered questions about his views on cryptocurrency.

He said that “some of them have merit, but most of them are scams,” per The New York Times reporter Mike Isaac’s post. However, Dogecoin price continued gaining since Musk has always supported DOGE and acknowledged that some cryptocurrencies have “merit.”

Dogecoin Price Analysis | Source: TradingvVew

On Thursday, April 30, Dogecoin price surged nearly 5%. At the time of writing, the DOGE price increased by 4.16% to $0.1060 amid Musk’s comments.

The statement of Elon Musk came amid a discussion of a previously unreported 2018 proposal for OpenAI to fund itself through an initial coin offering. That would have entailed selling tokens to the public, a form of capital raising that became popular in the late 2010s.

ICOs, similar to stock exchanges, were widely popular with investors at the time. However, many of these projects subsequently failed or were not delivered.

The revival of the plan is part of a broader legal battle in which Musk alleged OpenAI has strayed from its original nonprofit goals. The tech mogul claims the firm strayed from its original mission when it struck a deal with Microsoft and started to sell its technology.

In court, he put it more dramatically, accusing OpenAI of having stolen a charity. OpenAI has denied the allegations, arguing it was always expected to change its structure.

It claimed that Musk was well informed about it. Moreover, they noted that he was even encouraging of prospective revenue streams that included commercial components.

OpenAI has said talk of an ICO was part of its plan to build a hybrid structure to fund its visionary research program.

Musk’s Involvement In Bitcoin & Dogecoin

Another takeout from Elon Musk’s statements is the shift in attitude towards crypto. Earlier, he helped to establish digital assets as a tool for corporate investors.

For context, in 2021, Tesla announced a $1.5 billion investment in Bitcoin, normalising the notion of corporations holding cryptocurrency.

Meanwhile, Musk’s tweets drew attention to Dogecoin, the largest meme coin. His endorsements led to strong Dogecoin price growth due to heightened retail interest.

Speculation was seen as being driven by his public support at the time. However, Tesla has since unwound some of its cryptocurrency holdings.

In 2022, it offloaded around three-quarters of its Bitcoin holdings. This selloff came prior to the recent surge, which took Bitcoin price above $125,000 in 2024.

It means that Tesla missed out on enormous potential gains. In recent weeks, it has made further value adjustments to its remaining holdings, according to regulatory filings.

In the first quarter of 2026, Tesla reported a $222 million markdown on its Bitcoin. The latest downturn in BTC price values its remaining 11,509 coins at $786 million.

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