Elon Musk still supports Dogecoin

Elon Musk still supports Dogecoin: Elon Musk was recently the victim of a $ 258 billion lawsuit in support of Dogecoin (DOGE). However, despite the lawsuit, Musk reassured the community of his unwavering support for the meme coin.

Elon Musk still supports Dogecoin

Recently Kasturi Tweeted About his support for Dogecoin following a class-action lawsuit against the millionaire filed in New York District Court. The lawsuit alleges that Musk and his companies, Tesla and SpaceX, misrepresented Dogecoin.

Plaintiff claims that Musk promoted Dogecoin despite knowing it was a fraud. Plaintiff wants to pay $ 258 billion in damages after investing in meme coin. This lawsuit seeks to invest in Dogecoin trademark gambling in the United States.

The case was mocked by the crypto community on Twitter. Dogecoin is a meme coin launched in 2013 to make fun of bitcoin. Between 2020 and 2021, Dogecoin became the most talked-about currency in the crypto community, with its market value surpassing $ 80 billion. However, the current bear market has affected the price of DOGE, which has dropped to about $ 0.06.

Musk was said to be responsible for Dogecoin’s rally record last year. The Tesla CEO usually tweets about meme coins, and the price increases significantly whenever he does.

Dogecoin supports DOGE as a currency

Dogecoin is already accepted as a payment method to purchase merchandise on Tesla and SpaceX. Billy Markus, the co-founder of Dogecoin, suggested that Dogecoin should go beyond being a meme coin and provide use and protection to the community.

Elon Musk supported Marcus’s view that the DOGE should be “more like a coin”. Musk further assured that Memecoin will continue to be recognized as a means of payment for Tesla and SpaceX.

Musk is currently planning to buy Twitter, and one of the issues he wants to talk about on the platform is crypto scams. Considering his involvement with the crypto industry, Musk has become a target for cybercriminals who want to deceive investors.

The billionaire recently discovered a fake video depicting him as a cryptocurrency project promoter. The video reflects Muskin’s appearance in the TED speech, and a deep fake version was created to attract undoubted investors.

A deep pseudo-video advertising site offered investors a 30% return on their crypto holdings. Such scams have increased over the past year.

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Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.

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