Billionaire Elon Musk admits that he will continue to support Dogecoin despite the declining cryptocurrency market. After tweeting on Twitter that “he will keep supporting Dogecoin,” the popular cryptos price spiked 8% to $0.058 on Monday.
Musk’s tweet came just a few days following a lawsuit by a Dogecoin investor, who claimed that Musk had been heavily promoting and abetting a “dogecoin pyramid scheme” which caused heavy financial losses to scores of investors (1)
The tweet came out after an exchange with a user who told Musk that he should keep buying the “MEME” coin if he supports it. Musk responded, “I am,” suggesting he was buying the dip.
In a complaint filed in a federal court in Manhattan on Friday, plaintiff Keith Johnson accused Musk of racketeering for touting dogecoin on Twitter and driving up its price, only to then let it tumble. Johnson is seeking $86 billion in damages, representing the decline in Dogecoin’s market value since May 2021, and wants it tripled. (2)
Even in this situation, Musk said he bought DOGE because the price would rise again in the future. Now you can see how the DOGE price had skyrocketed since the moment the richest person in the world tweeted in support of Dogecoin.