Elon Musk Pledges Continued Support for Dogecoin Despite Lawsuit and Bearish Market

The Founder and CEO of Tesla and SpaceX, Elon Musk, has reaffirmed his commitment to buying Dogecoin (DOGE) just days after he was sued for his part in supporting the meme cryptocurrency.

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:

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.