DOGE Legal Settlement: Coinbase Resolves Sweepstakes Lawsuit for $2.25 Million Amid Price Volatility
Coinbase and marketing firm Marden-Kane have reached a $2.25 million settlement to end a class-action lawsuit over a Dogecoin sweepstakes promotion. The case, initially filed in June 2021, accused the campaign of being "false and misleading." While Dogecoin traded at $0.39 during the promotion, its value has since dropped to approximately $0.23. The settlement, pending court approval, aims to compensate affected users. This development highlights the regulatory scrutiny facing crypto promotions and their impact on market sentiment.
Coinbase Settles Dogecoin Sweepstakes Lawsuit for $2.25 Million
Coinbase and marketing firm Marden-Kane have agreed to a $2.25 million settlement to resolve a class-action lawsuit tied to a dogecoin sweepstakes. The case, filed in June 2021, alleged the promotion was "false and misleading." At the time, Dogecoin traded around $0.39; it now hovers near $0.23.
The settlement awaits approval from the U.S. District Court in Northern California. If ratified, it will compensate users who participated in the contested sweepstakes, which advertised a $300,000 top prize.
Dogecoin Price Prediction: Can DOGE Rebound as Meme Coins Surge Again?
Dogecoin shows signs of revival amid a broader meme coin rally, reigniting discussions about its potential to reach $1. While analysts remain skeptical about 2025 being the breakout year, the coin’s recent performance has drawn attention back to its long-term prospects.
Newer projects like Dawgz AI are gaining traction, introducing fresh competition in the rapidly evolving meme coin market. The landscape is shifting, with investors weighing Dogecoin’s established presence against emerging alternatives.
Market watchers are parsing monthly projections, with May 2025 emerging as a potential inflection point. The coming months will test whether Dogecoin can maintain relevance or cede ground to next-generation meme tokens.
Coinbase CEO Brian Armstrong Invites Former DOGE Staff to Join Crypto Exchange Roles
Coinbase CEO Brian Armstrong has extended an invitation to former employees of the U.S. Department of Government Efficiency (DOGE), urging them to bring their expertise in efficiency to the burgeoning crypto sector. The move comes as Coinbase seeks to accelerate hiring and integrate talent capable of streamlining operations in the digital asset space.
The offer follows a viral Fox News segment featuring Ethan Shaotran, a 22-year-old former DOGE operative, highlighting the growing intersection between traditional government efficiency roles and cryptocurrency innovation. Armstrong’s outreach underscores Coinbase’s commitment to leveraging institutional knowledge for crypto adoption.
Separately, Coinbase has demonstrated its political engagement, backing crypto-friendly PACs with over $70 million in contributions during the 2024 election cycle. This dual focus on talent acquisition and policy influence positions the exchange as a key player in shaping crypto’s infrastructure and regulatory landscape.
