“I WILL KEEP SUPPORTING DOGECOIN”: ELON MUSK

Mon 20 June 2022:

While all of the major cryptocurrencies have taken a massive hit, Tesla CEO Elon Musk has stated that he will continue to promote and buy Dogecoin, a cryptocurrency that he has endorsed for years.

In the midst of the ‘crypto winter,’ Dogecoin has fallen from a high of roughly $0.74 to little over $0.05 in recent days.

In a tweet on Sunday, Musk said: “I will keep supporting Dogecoin.”

Reacting to a follower who asked him to keep buying Dogecoin too, Musk replied that he will keep purchasing the cryptocurrency.

Called ‘Dogefather’, Musk has long been a vocal proponent of Dogecoin and tweeted several times in the past to help spike the price of the digital token.

Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla and SpaceX for $258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin.

A class-action lawsuit was filed in a federal court in Manhattan, and the Dogecoin investor called for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk started tweeting about it, according to reports.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme,” he added.

Musk stated earlier this year that Dogecoin will be accepted as payment at the company’s supercharging stations.

Tesla accepts Dogecoin in its online store, and there have been speculations that the currency will be accepted as a means of payment for Tesla vehicles in the future.

Musk has a significant personal Bitcoin stake in addition to Tesla’s, as well as minor Ethereum and Dogecoin holdings.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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