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HomeAltcoinsElon Musk continues to support Dogecoin despite $258 billion crypto lawsuit

Elon Musk continues to support Dogecoin despite $258 billion crypto lawsuit

Despite facing a $258 billion lawsuit for allegedly manipulating Dogecoin prices and causing investors to lose money, Elon Musk tweeted on June 19 that "I will keep supporting Dogecoin."

Amid the recent crypto market crash, crypto investors are facing massive losses. Many fake crypto schemes are also coming to light. Recently, Keith Johnson, a US citizen, filed a $258 billion lawsuit against Elon Musk, alleging that he was involved in a “Dogecoin pyramid scheme”.

Elon Musk, CEO of Tesla, SpaceX and pro-Dogecoin supporter, has set the records straight by issuing a statement on Twitter in response to the $258 billion lawsuit filed against him on June 17. On June 19, Musk announced on Twitter that he would continue to promote Dogecoin despite the lawsuit. According to a complaint filed in federal court in Manhattan, Musk is accused of orchestrating a “pyramid scheme” for Dogecoin. He assisted in the manipulation of the Dogecoin (DOGE) price, causing it to spike and then crash for ‘profit, exposure, and fun.’

Dogecoin (DOGE) is a cryptocurrency that was created as a derivative of the Litecoin code. It’s based on the Doge meme, which swept the internet in 2013. The original graphic features a Shiba Inu dog with an inner monologue written in comic sans font. Since then, it has been one of the favourite cryptocurrencies of Tesla CEO Elon Musk. The complainant is demanding $86 billion in damages from Elon Musk. He also wants the price to double, despite Dogecoin’s price dropping since May. However, Musk has stated that he will continue to support Dogecoin.

Previously, Musk has also declared that Dogecoin will be accepted as payment for Tesla and SpaceX products. Even during the initial talks regarding the Twitter takeover, he stated that there are chances to pay for Twitter pro using Dogecoin in the future. As a result of the complaint, Musk and his firms were barred from sponsoring Dogecoin, and Dogecoin trading was declared “gambling” under federal and New York law.

According to Coinmarketcap, Dogecoin (DOGE) is trading at $0.05835 with a $1,146,310,162 market cap and a 13.13% rise in the last 24 hours.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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