The self-acclaimed “Dogefather” again has thrown his weight behind the meme coin, Dogecoin amidst a $258 billion lawsuit by a crypto investor earlier this month.
Elon Musk, Tesla, and SpaceX last week were slapped with a lawsuit by Keith Johnson, a cryptocurrency investor who alleged that Musk and his companies were running a pyramid scheme with Musk’s favorite meme coin (Dogecoin).
However, on Sunday, Mr. Musk in his tweet said that he’s still supporting Dogecoin, and also responded to a reply that he would still buy more, a tweet that gives more clarity on his position on Dogecoin after the lawsuit.
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Following his tweet, Dogecoin as it used to be after Elon Musk’s tweets about the meme coin spikes by 8%. Even with this little spike, its price is still far less than the all-time high cited by the plaintiff.
Elon Musk’s support for Dogecoin seems to be unstoppable, his position as the world’s richest man has helped Dogecoin to stay afloat for years, and now, the coin is one of the top ten cryptocurrencies by market cap.
Quite a lot of Dogecoin holders are waiting for Musk’s Twitter takeover as he once suggested using Dogecoin as payment for Twitter blue, a move that would add value to the already Dogecoin market value.