Elon Musk Sued for Dogecoin Support
On Thursday, June 16th, Keith Johnson filed a $258 billion lawsuit against Elon Musk for his promotion of a “Dogecoin crypto pyramid scheme.”
Johnson estimates that investors have lost around $86 billion from investing into the Musk-endorsed meme coin, and is seeking appropriate reimbursement, along with an additional $172 billion in damages.
Musk Reaffirms His Support for Dogecoin
Despite the lawsuit and bearish trend, which has wiped out more than 60% of the global crypto market cap to date, Musk has confirmed that he will continue to both buy and support the meme cryptocurrency.
On Sunday 19th, the self-prolaimed Dogefather tweeted that he would keep supporting DOGE in a response to Altcoin Gordon. In the exchange, Musk tweeted:
— Elon Musk (@elonmusk) June 19, 2022
Prior to this, the centibillionaire had hinted that Dogecoin, which can be used to pay for Tesla and SpaceX merchandise, could see 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 the $0.06 level.
The 24 hour price chart for 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 due to its faster processing times and lower transaction costs.
Read about the Elon Musk lawsuit below:
For more insight as to why Musk prefers Dogecoin to Bitcoin, check out:
Get the latest on Musk’s Twitter takeover: