Elon Musk Says He’ll Continue Supporting and Buying Dogecoin DOGE Despite Lawsuit and Bearish Market
2022.06.20 15:07
Elon Musk Says He’ll Continue Supporting and Buying Dogecoin DOGE Despite Lawsuit and Bearish Market
The founder and CEO of Tesla (NASDAQ:TSLA) and SpaceX, Elon Musk, has reaffirmed his commitment to continue buying Dogecoin (DOGE) just days after he was sued for supporting the meme cryptocurrency.
Elon Musk Sued for Dogecoin Support
On Thursday, Keith Johnson filed a $258 billion lawsuit Thursday against Elon Musk for promoting a “Dogecoin Crypto Pyramid Scheme.”
Johnson estimates that investors have lost around $86 billion from investing in the Musk-pomoted meme coil and would like reimbursement and an additional $172 billion for damages.
Musk Reaffirms His Support for Dogecoin
Despite the lawsuit and bearish trend that has wiped off more than 60% of the global crypto market cap, Musk has confirmed that he will keep buying and supporting the meme cryptocurrency.
On Sunday, the self-acclaimed DogeFather tweeted that he would keep supporting DOGE. A response to Altcoin Gordon confirms. Musk will continue buying Dogecoin. Musk tweeted;
I am
— Elon Musk (@elonmusk) June 19, 2022
Prior to this hinted that Dogecoin, which can be used to purchase merchandise at Tesla and SpaceX, could get more use cases in his companies.
On the Flipside
- Since Musk’s tweet, Dogecoin (DOGE) has rallied more than 12% to trade as high as $0.06247 before consolidating at $0.06.
The 24 hours price chart of Dogecoin (DOGE). Source: CoinMarketCap
Why You Should Care
Elon Musk’s unwavering support for Dogecoin stems from his belief that the meme coin is better than Bitcoin with its faster processing times and lower transaction costs.
Read about the Elon Musk lawsuit below:
Elon’ The Dogefather’ Musk Smacked with $258 Billion Lawsuit for Building DOGE Pyramid
Get more insight as to why Musk prefers Dogecoin to Bitcoin in:
Elon Musk Tells TIME Magazine Why Dogecoin is Better than Bitcoin for Payments
Get the latest on Musk’s takeover of Twitter (NYSE:TWTR) below:
Elon Musk Reveals His Crypto Plans for Twitter at a Meeting with Employees
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