Elon Musk, the richest man in the world and self-proclaimed Doge Father, has announced its unwavering support for the leading meme cryptocurrency, Dogecoin.
The Tesla CEO posted on Twitter earlier today: “I will continue to support Dogecoin.”
He also revealed that still buying this memecoin.
As usual, DOGE reacted to the billionaire's tweet and the price went up 11% from $0,052 to $0,058 despite the bear market.
Musk's continued support for Dogecoin comes days after an American investor filed a lawsuit worth 258 billion dollars against Elon Musk and two of his companies, for allegedly promoting DOGE and manipulating cryptocurrency prices.
I will keep supporting Dogecoin
- Elon Musk (@elonmusk) June 19, 2022
Plaintiff, Keith Johnson, described Dogecoin as a “ponzi scheme” and accused Musk of intentionally promoting it as a legitimate investment.
The plaintiff argued that the billionaire's promotion of Dogecoin led many people to invest in this coin, which is now more than 90% off compared to an all-time high.
Johnson is seeking $86 billion in damages and $172 billion in losses arising from DOGE transactions since 2019. He also wants Musk to stop promoting cryptocurrencies.
After complaining about Bitcoin's environmental impact, Elon Musk has become an ardent supporter of Dogecoin.
Last month, the billionaire announced that users could buy Tesla goods with DOGE.