Elon Musk was recently hit by a $258 billion lawsuit involving his support of Dogecoin (DOGE). However, despite the lawsuit, Musk has reassured the community of his unwavering support for the memecoin.
Elon Musk still supports Dogecoin
Musk recently tweeted about his support for Dogecoin following a class-action lawsuit against the billionaire filed at the New York district court. The lawsuit claims that Musk, and his companies, Tesla and SpaceX, misrepresented Dogecoin.
The plaintiff says Musk promoted Dogecoin despite knowing it was a scam. The plaintiff wants to be paid $258 billion in damages for suffering losses after investing in the memecoin. The lawsuit also seeks to have Dogecoin investing branded gambling in the United States.
This lawsuit has been mocked by the crypto community on Twitter. Dogecoin is a memecoin launched in 2013 to make fun of Bitcoin. Between 2020 and 2021, Dogecoin became the most talked-about coin in the crypto community, and at its peak, its market cap surpassed $80 billion. However, the ongoing bear market has affected DOGE’s price, which has fallen to around $0.06.
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Musk was attributed to Dogecoin’s rally to record-high levels last year. The Tesla CEO usually tweets about the memecoin, and the price pumps by significant margins whenever he does.
Dogecoin advocates for DOGE as a currency
Dogecoin is already accepted at Tesla and SpaceX as a means of payment to buy merchandise. The co-creator of Dogecoin, Billy Markus, opined that Dogecoin needed to go beyond being a memecoin and provide utility and security to the community.
Markus’s opinion was supported by Elon Musk, who said that DOGE needed to be “more currency-like.” Musk further reassured that the memecoin would continue being endorsed as a means of payment at Tesla and SpaceX.
Musk is currently planning to acquire Twitter, and one of the problems he wishes to address on the platform is crypto scams. Given his association with the crypto sector, Musk has become a target of cybercriminals who want to dupe investors.
The billionaire recently discovered a fake video depicting him as a cryptocurrency project promoter. The video mimicked Musk’s appearance at TED talk, and the deep fake version was created to lure unsuspecting investors.
The platform that the deep fake video was promoting offered investors a 30% return on their crypto holdings. Such scams have become rampant over the past year.
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