“I will keep supporting Dogecoin," Elon Musk said in a tweet on Sunday. Further responding to a user's 'Keep buying it then' comment on the same tweet, he said “I am". Musk, the world's richest person, is the chief executive officer (CEO) of both Tesla and SpaceX.
Earlier this month, Elon Musk was sued by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency. An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit on Thursday against the billionaire and his companies Tesla and SpaceX.
Keith Johnson, who says he lost money after investing in dogecoin, described himself as an American citizen who was defrauded by what he called a ‘Dogecoin Crypto Pyramid Scheme.’ He is asking for his motion, filed in a New York court, to be classified as a class action suit on behalf of those who have suffered losses by investing in dogecoin since 2019.
Meanwhile, responding to a tweet by Dogecoin’s co-creator Billy Markus this weekend, who said that he desires that people actually “use it for something," Musk wrote “Tesla and SpaceX merch, maybe more down the road." In January, the cryptocurrency with a Shiba Inu meme founded in 2013, surged after Musk said that it could be used to buy Tesla merchandise.
Musk, the self-proclaimed 'Dogefather', has been responsible for pumping doge prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed.
Dogecoin is a parody cryptocurrency created by software engineer Billy Markus and Jackson Palmer in 2013. Palmer jokingly coined the phrase “Dogecoin" to himself and took to his Twitter account to post the now-infamous line, “Investing in Dogecoin, pretty sure it’s the next big thing." It immediately sparked interest from the meme-fuelled crypto community.
(With inputs from agencies)
