Elon Musk reiterates support for Dogecoin, despite $258bn lawsuit

LAGOS (CoinChapter.com) — Tesla and SpaceX CEO Elon Musk has reiterated his support for Dogecoin despite being hit with a $258 billion lawsuit for allegedly pumping the popular meme token.

Musk today took to his official Twitter handle to restate his stance concerning the meme token despite the lawsuit. The world’s richest man displayed his support by saying “I will keep supporting Dogecoin.”

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

Interestingly, the Tesla boss didn’t stop there, disclosing that he would buy more of the meme coin. In a discussion with another Twitter user who urged him to keep buying Dogecoin, Elon Musk noted that he would buy more of the memecoin.

Meanwhile, Musk’s statement comes a day after Dogecoin creator Billy Markus, who is no longer a part of the project, shared his vision concerning the project. Markus in a Twitter thread noted that Dogecoin is more than just a pump and dump project.

here is my desire for dogecoin:

– people actually use it for something beyond pump and dump bullshit so it has a reason to exist

– the community understands what crypto is and what the crypto market is and knows that it’s all kinda dumb and has fun with it

that’s about it

— Shibetoshi Nakamoto (@BillyM2k) June 17, 2022

He also urged developers to focus on adding utility and security to the meme token. He added that most people who don’t understand the crypto market are the ones complaining.

“It would be cool if people keep working on it and adding utility and security, and working on services that also add utility, which I have seen and appreciate. But otherwise, most of the complaints and attacks imo are just people that don’t get crypto or the crypto market.”

Markus said.

Elon Musk, Tesla And SpaceX $258bn Dogecoin Lawsuit

Additionally, recall that Elon Musk and two of his companies, Tesla and SpaceX were earlier in the week hit with a $258 billion lawsuit.

Keith Johnson filed the lawsuit in the southern district of New York claiming that Musk’s actions relating to Dogecoin constituted a Ponzi scheme. He lodged the suit claiming Musk and his business’s activities around Doge defrauded him and other investors.

According to reports, Johnson is asking for $86 billion in damages, along with triple damages of $172 billion. He is also asking for an order blocking Musk and his companies from promoting Dogecoin.

Johnson argued that Dogecoin grew in value after Musk’s tweets about it in 2019. The aggrieved is praying to the court to declare that Dogecoin trading constitutes gambling under U.S. and New York law.

The point about DOGE that people miss is that DOGE's imperfections and simplicity are it's greatest strengths. You can only use it to do 2 things: Spend It or HODL It. Both are easy to understand. And it's cheap to buy. Which makes it a community anyone can join and enjoy.

— Mark Cuban (@mcuban) August 15, 2021

Furthermore, it is worth noting that Tesla’s boss isn’t the only prominent individual to have publicly supported the meme token. Other celebrities include Dallas Mavericks owner Mark Cuban, Angela White, Snoop Dogg, Lil Yachty, Kevin Jonas, Gene Simmons, among others.

DOGE Surges By 10%

Elon Musk’s tweet seems to have had the usual positive effect on the price of the meme token as it rallied significantly on the day.

Dogecoin according to data from Coingecko surged by more than 10% in the last 24 hours. The leading meme token at the time of publication stands at $0.0584 with a market cap of $7.8 billion.