Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit

Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit

Not even a $258 billion class-action lawsuit accusing a cryptocurrency pyramid scheme can stop Elon Musk from publicly showing his continued support for Dogecoin (DOGE).

On Thursday, the New York District Court received a class-action lawsuit against Elon Musk, the world’s richest man, and his companies SpaceX and Tesla, alleging they allegedly used DOGE to run a Ponzi scheme. The lawsuit asks Musk to pay $258 billion in total monetary damages, while asking a court to rule that the DOGE deal was a gamble in the United States.

However, the lawsuit did not resonate with the crypto community as entrepreneurs began to mock the move. Musk also seemed unwavering on the accusation, as he doubled down on his love for the Dogecoin ecosystem through the aforementioned tweet.

On Saturday, Dogecoin creator Billy Marcus, who is no longer involved in the project, shared his vision for Dogecoin beyond the hype — advising developers to focus more on its utility and security. Musk agreed to respond “more like currency” to Marcus’ suggestion.


Musk further assured Marcus that he would be willing to use Dogecoin as a payment method for services other than Tesla and SpaceX merchandise.

RELATED: “Oops!” Elon Musk Warns Users Against Latest Deepfake Crypto Scam

Bad actors trying to profit from Musk’s success have been found to be posting deepfake videos promoting cryptocurrency scams.

Musk found a fake video on the Internet in which a deepfake was used to imitate the entrepreneur in a TED talk. In the video, Musk is spotted promoting a cryptocurrency platform with a 30% return on crypto deposits.

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