Elon Musk Says He’ll Continue Supporting and Buying Dogecoin DOGE Despite Lawsuit and Bearish Market
DailyCoin
Published Jun 20, 2022 07:48AM ET
Updated Jun 20, 2022 08:01AM ET
Elon Musk Says He’ll Continue Supporting and Buying Dogecoin DOGE Despite Lawsuit and Bearish Market
The founder and CEO of Tesla (NASDAQ:TSLA) and SpaceX, Elon Musk, has reaffirmed his commitment to continue buying Dogecoin (DOGE) just days after he was sued for supporting the meme cryptocurrency.
Elon Musk Sued for Dogecoin Support
On Thursday, Keith Johnson filed a $258 billion lawsuit Thursday against Elon Musk for promoting a “Dogecoin Crypto Pyramid Scheme.”
Johnson estimates that investors have lost around $86 billion from investing in the Musk-pomoted meme coil and would like reimbursement and an additional $172 billion for damages.
Musk Reaffirms His Support for Dogecoin
Despite the lawsuit and bearish trend that has wiped off more than 60% of the global crypto market cap, Musk has confirmed that he will keep buying and supporting the meme cryptocurrency.
On Sunday, the self-acclaimed DogeFather tweeted that he would keep supporting DOGE. A response to Altcoin Gordon confirms. Musk will continue buying Dogecoin. Musk tweeted;
I amPrior to this hinted that Dogecoin, which can be used to purchase merchandise at Tesla and SpaceX, could get more use cases in his companies.— Elon Musk (@elonmusk) June 19, 2022
On the Flipside
- Since Musk’s tweet, Dogecoin (DOGE) has rallied more than 12% to trade as high as $0.06247 before consolidating at $0.06.
The 24 hours price chart of 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 with its faster processing times and lower transaction costs.
Read about the Elon Musk lawsuit below:
Elon’ The Dogefather’ Musk Smacked with $258 Billion Lawsuit for Building DOGE Pyramid
Get more insight as to why Musk prefers Dogecoin to Bitcoin in:
Elon Musk Tells TIME Magazine Why Dogecoin is Better than Bitcoin for Payments
Get the latest on Musk’s takeover of Twitter (NYSE:TWTR) below:
Elon Musk Reveals His Crypto Plans for Twitter at a Meeting with Employees
Continue reading on DailyCoin
Get The News You Want
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.