I Will Keep Supporting Dogecoin Despite The $258 Billion Lawsuit

Elon Musk, the world’s richest man and self-proclaimed Doge Father, has declared his unwavering assist for the main meme cryptocurrency, Dogecoin.

Elon Musk to Keep Supporting Dogecoin

The Tesla CEO posted on Twitter earlier at this time: “I will keep supporting Dogecoin.” He additionally revealed in response to a person that he’s nonetheless shopping for the memecoin.

As common, DOGE reacted to the billionaire’s tweet, and the value surged by 11% from $0.052 to $0.058 regardless of the bearish market.

Musk’s declaration of his continued assist for Dogecoin comes a couple of days after an American investor filed a $258 billion lawsuit in opposition to him and two of his corporations, Tesla and SpaceX, for allegedly selling DOGE and manipulating the value of the cryptocurrency.

I will preserve supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

As reported, the plaintiff, Keith Johnson, described Dogecoin as a “crypto pyramid scheme” and alleged that Musk and his corporations intentionally promoted it as a professional funding.

The plaintiff argued that the billionaire’s endorsement of Dogecoin led many individuals to spend money on the cryptocurrency, which is at present down by greater than 90% from its 2021 all-time excessive of $0.73.

Johnson is in search of $86 billion in damages from the billionaire and $172 billion for losses incurred from DOGE trades since 2019. He additionally desires Musk to cease selling or endorsing the cryptocurrency.

Elon Musk: Dogecoin Rulz

Although Elon Musk wasn’t totally lively within the crypto house till 2021, his first tweet about Dogecoin was in April 2019, when he shared a canine meme with the caption “Dogecoin rulz.”

In 2021, the Tesla CEO grew to become one in every of crypto’s largest influencers. Since then, when the billionaire speaks, crypto buyers hear, and costs soar or plunge, relying on the bullishness of his tweets.

For occasion, when Musk added Bitcoin to his Twitter bio in January 2021, the main cryptocurrency gained 15%. Similarly, hundreds of thousands have been worn out of the crypto market when he introduced that Tesla would cease accepting BTC funds on account of environmental issues in May of that very same 12 months.

After complaining about Bitcoin’s environmental impacts, Elon Musk grew to become an avid supporter of Dogecoin. He began tweeting concerning the memecoin, and costs are inclined to react accordingly. Last month, the billionaire introduced customers might buy Tesla merch utilizing DOGE with SpaceX to comply with quickly. Dogecoin spiked 15% minutes after the announcement.