Elon Musk, the richest man in the world and the self-proclaimed father of the Governor General, has announced his firm support for the leading meme cryptocurrency Dogecoin.
Elon Musk Continues to Support Dogecoin
“I will continue to support Dogecoin,” the Tesla CEO tweeted earlier today. He also responded to a user revealing that he was still buying memecoin.
As usual, DOGE reacted to the billionaire’s tweet, surging 11% from $0.052 to $0.058 despite a bearish market.
Musk’s announcement of continued support for Dogecoin comes days after a U.S. investor filed a $258 billion lawsuit against him and his two companies, Tesla and SpaceX, for allegedly promoting Dogecoin and manipulating the cryptocurrency. s price.
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Plaintiff Keith Johnson reportedly described Dogecoin as a “crypto pyramid scheme” and claimed Musk and his company deliberately promoted it as a legitimate investment.
The plaintiffs argue that the billionaire’s support for Dogecoin has led many to invest in the cryptocurrency, which is down more than 90% from its 2021 all-time high of $0.73.
Johnson is seeking $86 billion in damages from the billionaire and $172 billion in damages from the DOGE deal since 2019. He also wants Musk to stop promoting or supporting the cryptocurrency.
Elon Musk: Dogecoin Ruiz
Although Elon Musk isn’t fully active in the cryptocurrency space until 2021, his first tweet about Dogecoin was in April 2019, when he shared a dog meme with the caption “Dogecoin rulz.”
In 2021, the Tesla CEO has become one of the biggest influencers in the crypto space. Since then, when the billionaire speaks, cryptocurrency investors listen and prices spike or plummet, depending on how bullish his tweets are.
For example, when Musk Add to Bitcoin posted to his Twitter bio in January 2021, with the leading cryptocurrency up 15%.Likewise, when he Announce Tesla will stop accepting BTC payments in May of the same year due to environmental concerns.
Elon Musk has become an avid supporter of Dogecoin after complaining about Bitcoin’s impact on the environment. He started tweeting about memecoin, and prices tended to react accordingly. Last month, the billionaire announced that users could use DOGE and SpaceX to buy Tesla merchandise. Dogecoin surged 15% following the announcement.
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