Elon Musk says he will continue to support Dogecoin despite the lawsuit
Elon Musk was recently sued because there were suspicions that he was deliberately manipulating the price of Dogecoin, causing the price of the cryptocurrency to rise or fall abnormally.
On June 19, Elon Musk tweeted that he would always support Dogecoin despite his recent lawsuit. This lawsuit wants to sue Musk regarding meme-themed cryptocurrencies constituting a Ponzi scheme.
Musk tweeted: “I will continue to support Dogecoin” earlier today in an exchange with another user who urged him to keep buying it. “It was me,” Musk tweeted in reply.
Keith Johnson, a U.S. citizen who has acted on behalf of multiple victims from the impact of erratic Dogecoin prices, filed a lawsuit against Musk and others involved. The complaint alleged that Musk’s consistent message that he was a fan of cryptocurrencies had directly led to its price spike and that as market conditions changed, investors would lose.
Elon Musk has long been an incredibly famous supporter of the development of cryptocurrencies, especially Dogecoin. However, the complaint further specifies Musk’s Twitter posts about Doge since a satirical article aroused his interest in coin meme in 2019. The complaint indicated that Dogecoin had increased in value following Musk’s tweets about it in 2019.
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