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Elon Musk Says He’ll Continue Supporting and Buying Dogecoin DOGE Despite Lawsuit and Bearish Market

Published 06/20/2022, 07:48 AM
Updated 06/20/2022, 08:01 AM
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;

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:

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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

Latest comments

This hodler is just butthurt he didnt sell such a dumb suit
Felon Musk is a 🤡
He is again pump and dump....alien 👽👽👽👽 musk
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