Elon Musk Says He's Still Buying Dogecoin — and Vows to 'Keep Supporting' It

The billionaire's posts may have been related to a recent lawsuit that sues him, as well as Tesla and SpaceX, for a whopping $258 billion.

Elon Musk has declared he will "keep supporting Dogecoin" despite the memecoin's value plunging substantially in the past year — and revealed that he's continuing to buy the cryptocurrency.

The billionaire's posts may have been related to a recent lawsuit that sues him, as well as Tesla and SpaceX, for a whopping $258 billion.

A disgruntled investor alleges Musk played an instrumental role in running a "Dogecoin pyramid scheme" — and contributed to DOGE's downfall by calling it a "hustle" on Saturday Night Live.

That episode aired on May 8, 2021 — the same day that Dogecoin hit a new all-time high of $0.7376 as a manic 18,000% rally came to an end.

At the time of writing, DOGE's current price of $0.05994 marks a 92% drawdown from this peak. Musk's tweet helped contribute to an 11% surge in the value of Dogecoin in the early hours of Sunday morning, helping to prove that the world's richest man's musings can still have an impact on the altcoin markets. But there's a danger this could pour fuel on the fire of the legal action brought by American investor Keith Johnson, who alleges:

"Musk used his pedestal as the world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement"

What Is Dogecoin?

Software engineers Billy Marcus and Jackson Palmer created Dogecoin in late 2013. Palmer branded the cryptocurrency’s logo using a meme popular at the time that featured the deliberately misspelled word “doge” to describe a Shiba Inu dog.

“Doge was really started to poke fun at Bitcoin,” said Pat White, CEO of Bitwave. In its early days, a community of enthusiasts arranged publicity stunts to raise Dogecoin’s profile, gathering funds to send the Jamaican Bobsleigh team to the 2014 Olympics, for instance, or sponsoring a NASCAR driver.

In early 2021, Dogecoin gained cult status on Reddit’s WallStreetBets message board—the prime instigator behind the GameStop affair in January—where enthusiasts had promised to propel its value “to the moon” (that was before all discussion of crypto was banned on the subreddit).

By May 2021, Dogecoin rose to a high of $0.68, compared to a value of just under one penny at the beginning of the year. Tesla CEO Elon Musk was at least partially responsible for the massive growth after calling Dogecoin his favorite cryptocurrency. By mid 2021, Dogecoin was consistently polling among the top five cryptos by total market cap

Since then, the value of Dogecoin has fallen precipitously, bottoming out around $0.11 in March 2022, although it remains among the top 20 cryptocurrencies by market cap.

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Comment (2)

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