Elon Musk Says He’ll Continue Supporting and Buying Dogecoin DOGE Despite Lawsuit and Bearish Market. The founder and CEO of Tesla and SpaceX, Elon Musk, has reaffirmed his commitment to continue buying Dogecoin (DOGE) just days after he was sued for supporting the meme cryptocurrency.
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.
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. Prior to this he also hinted that Dogecoin, which can be used to purchase merchandise at Tesla and SpaceX, could get more use cases in his companies. 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. (investing.com)
