Despite being named in a $258 billion lawsuit that alleges Elon Musk and his businesses engaged in a pyramid scheme to artificially inflate the price of Dogecoin before allowing it to fall, Musk has reiterated his commitment to continuing to promote and purchase the cryptocurrency.
It hasn’t always been easy for Musk to deal with Dogecoin. In April 2019, he tweeted a dog joke with the phrase “Dogecoin rulz,” then in December 2020, he posted “One Word: Doge,” which caused its value to soar. By referring to himself as “The Dogefather” in April of last year, the billionaire helped drive the cryptocurrency even higher.
Musk, though, devalued Doge after referring to it as a “hustle” on Saturday Night Live. Additionally, he launched a Twitter tirade at Jackson Palmer, a co-creator of Dogecoin, for calling the Tesla CEO a “grifter.”
A $258 billion lawsuit has been filed against Musk, Tesla, and SpaceX on the grounds that they allegedly organised a pyramid scheme to fund Dogecoin.
However, it appears that Musk won’t stop praising Dogecoin. He told Bloomberg News Editor-in-Chief John Micklethwait during an interview at the Qatar Economic Forum in Doha that “a lot of individuals who are not so affluent have pushed me to purchase and support Dogecoin.” I’m responding to them, she said.
The remarks coincide with those Musk made a few days earlier on Twitter, where he affirmed he will continue to back and purchase Doge. He said that Tesla gear could be bought with Dogecoin last month, and that SpaceX merchandise will follow suit shortly. It rose 15% as a result of the tweets.
Dogecoin has recovered back marginally to $0.062 following hitting a 15-month low of $0.049 on Saturday. Although Bitcoin and Ethereum have also had a little uptick since the weekend, Musk is probably at least partially to blame for the increase. The prices of the two cryptocurrencies, however, have not been this low since December 2020 and January 2021, respectively.
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