Elon Musk Maintains Support for Dogecoin Amid $258 Billion Lawsuit

Elon Musk Maintains Support for Dogecoin Amid $258 Billion Lawsuit

  • Tesla CEO, Elon Musk says he will keep supporting Dogecoin.
  • The business mogul disclosed this today in a tweet.
  • Dogecoin is now ranked 10th among cryptocurrencies with a market capitalization of $7.3 billion.

Tesla’s CEO and business tycoon, Elon Musk has reiterated his support for the dog-themed cryptocurrency, Dogecoin.

Elon Musk

This was disclosed today by Elon Musk via a tweet on his verified Twitter account.

After wishing everyone on his Twitter a happy Father’s day celebration and affirming the love he has for his children,  the business mogul tweeted that he will keep supporting Dogecoin. 

He also hinted that he was still buying the cryptocurrency amid the dip after a Twitter user, Altcoin Gordon urged him to keep on buying the dog-themed coin. 

This is coming after the world’s richest man and his companies Tesla and spaceX were the targets of a $258 billion lawsuit. 

According to the Lawsuit, Elon Musk and his firms are being sued for damages for engaging in a crypto pyramid scheme involving Dogecoin in the cryptocurrency market.

The lawsuit read:

“Since Plaintiff and the class were not advised that the trading of Dogecoin was nothing more than a gambling enterprise, Plaintiff and the class demand the return of all wagers lost trading Dogecoin.”

Earlier this year, the market value for Dogecoin was estimated to be at about $22.95 billion. However, in the last six months, Dogecoin has relinquished $15.28 billion in market capitalization and its new net worth is now estimated to be about $7.3 billion.

Dogecoin investor

Dogecoin is currently ranked 10th and is trading at approximately 5 cents. The coin is not resistant to the strong selloff seen in the cryptocurrency market as the token is down by 16% in the last week.

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