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 continue buying Dogecoin (DOGE)

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 as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia