Elon Musk reiterates support for Dogecoin

Elon Musk
TL;DR Breakdown
  • Elon Musk shows support for Dogecoin
  • The Tesla boss unperturbed about the lawsuit
  • Crypto market recovering from crash

Tesla boss and billionaire Elon Musk has taken to social media to reiterate his support for meme coin, Dogecoin. In his latest post, the SpaceX CEO noted objectively that he would keep giving the token his much-needed support anytime. Elon Musk mentioned this despite still embroiled in a lawsuit saga that just made its way to media attention this week.

Elon Musk plays down the lawsuit

Elon Musk, alongside his company Tesla and SpaceX, were the recipient of a class action suit where the plaintiffs asked for $258 billion in damages. The plaintiffs mentioned that Musk used Dogecoin to run a Ponzi scheme. Aside from paying the damages, the plaintiffs also prayed the court to establish trading of the tokens under the country’s gambling act. However, there has been a rebuttal by crypto community members, with most of them seeing the lawsuit as a waste of time.

Elon Musk is also unshaken about the lawsuit, seemingly showing another round of massive love for the digital asset since the news of the lawsuit came into existence. Yesterday, the creator of the token recommended ways that users can attract use cases to the token other than the hype it is getting from the community. Taking to his comment section, Musk supported the claim, adding that they should make the token become more of a currency than a token.

Crypto market recovering from crash

Musk has been at the forefront of pushing Dogecoin to the world following the establishment of a payment method that will see his companies accept the token. However, malicious actors have been trying to implicate the Tesla boss to make money. Some of these people use technology to make a video of Elon Musk promoting new tokens across the market. The majority of these tokens are scams to defraud the investors.

Elon Musk has also called users’ attention to a fake video that showed him talking about a new token in a TED talk. In the video, the Tesla boss told users to invest in a platform that would bring them profits over 30%. The Tesla boss has also mentioned that he will be purchasing more digital assets as the market continues to record a wide plunge. Presently, Dogecoin is up by 5.77%, trading at $0.0574 in the last 24 hours. This resulted from the recent comments he made in response to his Father’s Day tweet.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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