Dogecoin Price Tumbles As Whale Dumps 90M DOGE to Coinbase, What's Next?

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Coinbase Loses Supreme Court Case Over Dogecoin Dispute – Crypto News

Published

1 year ago

May 23, 2024

Dripp

In a landmark decision on May 23, the U.S. Supreme Court has ruled against crypto exchange Coinbase regarding a dispute related to the $1.2 million Dogecoin sweepstakes in 2021. The Supreme Court stated that a California court had correctly used its authority to resolve whether Coinbase can force users into arbitration.

Supreme Court Handles Coinbase A Loss

In a ruling on May 23 by Justice Ketanji Brown Jackson, the SC said a court, not the arbitrator, decides which contract applies in arbitration. The Supreme Court also dismissed a warning by the crypto exchange that a ruling against it would invite legal turmoil, reported Bloomberg Law.

The opinion in Coinbase v. Suski emphasized that arbitration is a matter of “contract and consent” and when there are disputes related to competing contracts a court should decide primary agreements between the parties.

“We conclude that a court, not an arbitrator, must decide whether the parties’ first agreement was superseded by their second. The Ninth Circuit’s judgment is affirmed,” the court stated.

Coinbase users argued they were forced to pay $100 to enter a giveaway related to Dogecoin in 2021. Suski alleged that the marketing company hired by Coinbase to run the sweepstakes used “false and misleading” tactics to disguise the free-entry option.

ICYMI … you asked we listed.

DOGE is now on Coinbase and we’re giving away $1.2 million in DOGE to celebrate. Opt in and then buy or sell $100 in DOGE by 06/10/2021 for your chance to win. Limit one entry per person. #DogeOnCoinbase

Details here 👉 https://t.co/St2UbtAFSm pic.twitter.com/t0izkby4rx

— Coinbase 🛡️ (@coinbase) June 7, 2021

Dogecoin Market Performance

Dogecoin saw a nearly 200% rally this year amid the meme coin frenzy that saw massive buying of meme coins by whales and small investors. DOGE hit a 52-week high of $0.22 in March.

DOGE price has fell 5% in the past 24 hours paring gains recorded this week, with the price currently trading at $0.159. The 24-hour low and high are $0.157 and $0.169, respectively. Furthermore, the trading volume has decreased by 21% in the last 24 hours, indicating a decline in interest among traders.
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