The Doge Father says he will continue to support Dogecoin despite the $258 billion class action against him and his companies.
Elon Musk, the world’s richest man and self-proclaimed Doge Father, has declared his unwavering support for the leading meme cryptocurrency, Dogecoin.on Twitter earlier today: “I will keep supporting Dogecoin.” He also revealed in response to a user that he is still buying the memecoin.
As usual, DOGE reacted to the billionaire’s tweet, and the price surged by 11% from $0.052 to $0.058 despite the bearish market.a $258 billion lawsuit against him and two of his companies, Tesla and SpaceX, for allegedly promoting DOGE and manipulating the price of the cryptocurrency.As reported, the plaintiff, Keith Johnson, described Dogecoin as a “crypto pyramid scheme” and alleged that Musk and his companies deliberately promoted it as a legitimate investment.
The plaintiff argued that the billionaire’s endorsement of Dogecoin led many people to invest in the cryptocurrency, which is currently down by more than 90% from its 2021 all-time high of $0.73. Johnson is seeking $86 billion in damages from the billionaire and $172 billion for losses incurred from DOGE trades since 2019. He also wants Musk to stop promoting or endorsing the cryptocurrency.Although Elon Musk wasn’t fully active in the crypto space until 2021, his first tweet about Dogecoin was in April 2019, when he shared a dog meme with the caption “Dogecoin rulz.”
In 2021, the Tesla CEO became one of crypto’s biggest influencers. Since then, when the billionaire speaks, crypto investors listen, and prices soar or plunge, depending on the bullishness of his tweets.
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