I’ll keep supporting Dogecoin, Elon Musk breaks silence amid $15.28bn dip

Elon Musk, the world’s richest man, has thrown his support behind cryptocurrency, Dogecoin, following a drop in the cryptoasset, which has resulted in a $258 billion lawsuit filed by one investor, Keith Johnson.

 

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Musk announced this on Twitter on Sunday, adding to his previous public support for Dogecoin, which he has been promoting on the social media platform since 2019.

 

He also hinted that he was still buying cryptocurrency during the downturn.

 

Dogecoin, the tenth most valuable cryptocurrency, has declined by -66.07 percent year to date, with the value falling to $0.05784 at the time of filing this report, a far cry from the $0.1705 it sold for at the start of January.

Dogecoin’s market capitalisation has dropped by $15.28 billion in the last six months, to $7.67 billion, down from the $22.95 billion it was reported to have earlier this year.

Following the crash, Johnson, on behalf of other Dogecoin investors, sued Musk, Tesla, and SpaceX on June 15, claiming that the billionaire should not be allowed to continue marketing the cryptoasset because it was a fraud.

 

 

According to Johnson, Musk and his companies are supporting a pyramid scheme (Dogecoin), which has resulted in a $86 billion loss for investors who poured money into Dogecoin since 2019. He asked the court to order the billionaire to pay him and other investors $86 billion and $172 billion in compensation for investment losses.

Musk, on the other hand, appears unconcerned by the lawsuit, tweeting on Sunday, three days after Johnson filed the legal action;

 

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“I will keep supporting Dogecoin,” and responding to a question from one of his followers, “I am.”

 

“Dogecoin might be my favorite cryptocurrency,” the billionaire said on April 2, 2019. It’s really cool.”

 

Musk has previously stated that Tesla and SpaceX merchandise can be purchased with Dogecoin, and he hinted last week that more items may be added.

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