Elon Musk continues voicing support for crypto meme coin Dogecoin both on Twitter and in-person despite facing a lawsuit alleging his involvement in a 'Dogecoin Pyramid Scheme,' and Dogecoin's value is rising at the same time.
Is it any surprise that Elon Musk would keep letting the word “Dogecoin” escape his lips in the days after being named a defendant in a $258 billion lawsuit focused on his support for the meme coin?
alleging that Musk operated a “Dogecoin Pyramid Scheme.” In online and in-person comments, Musk stated his continued championing of Dogecoin while claiming that he “never said people should invest in crypto.”tweeting One of the major claims of Johnson’s complaint is that Musk used “his pedestal as World’s Richest Man to operate and manipulate” Dogecoin’s value since first tweeting about the coin in April 2019. His tweets in support of Dogecoin have proven to coincide with sizable bumps in the coin’s value over that time, and Saturday’s tweet was no different. Dogecoin’s value jumped nearly 12% in the hours after Musk’s tweet.
“When I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing so,” Musk added during the interview with Bloomberg editor-in-chief John Micklethwait. When pushed on if his support of Dogecoin equated to Musk believing there was value in the coin after its 90% drop in value over the last 13 months, Musk simply reiterated, “I said I support Dogecoin, and I’m doing that.
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