Earlier this year, Musk announced that the company’s supercharging stations would accept the cryptocurrency Dogecoin as a form of payment.
Highlight
- Elon Musk again supports Dogecoin and raises the price of the cryptocurrency
- The Dogecoin digital currency has fallen from its highs of around $0.74 to $0.05 in recent days
- After Musk’s endorsement, Dogecoin surges up to 9 percent
The world’s richest and self-proclaimed ‘doge father’ Elon Musk on Sunday once again came out in support of Dogecoin and raised the price of the cryptocurrency. Tesla and SpaceX CEOs have voiced their support for the cryptocurrency from time to time, even though the currency has hit its all-time low.
Amidst the ‘crypto winter’, dogecoin digital currency It has declined from its nearly $0.74 high in the recent days to just over $0.05.
“I will continue to support Dogecoin,” Musk said in a tweet on Sunday. Responding to a follower who asked him to keep buying Dogecoin as well, Musk replied that he would continue to buy the cryptocurrency.
The cryptocurrency jumped 9 percent on Monday, just a day after Musk’s tweet. For the past few months, the digital currency had lost more than 80 percent of its value, reaching an all-time high in May 2021.
According to coinmarketcap.com, Dogecoin is priced at $0.056969 with a 24-hour trading volume of $992,406,891.
The lawsuit against Elon Musk
Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla and SpaceX for $258 Billion For allegedly operating an illegal racketeering venture to inflate the price of Dogecoin.
A class-action lawsuit was filed in a federal court in Manhattan, and calls for a Dogecoin investor to triple the $86 billion in damages that the plaintiffs allege lost by Dogecoin investors since Musk said about it. I started tweeting, as per reports.
Plaintiff Keith Johnson said in the complaint, “The defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value.”
“Since Defendant Musk and his corporations SpaceX and Tesla, Inc. began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiffs and Square have lost approximately $86 billion in this crypto pyramid scheme,” he said. Told.
Musk in support of Dogecoin
Earlier this year, Musk announced that the company’s supercharging stations would accept the cryptocurrency Dogecoin as a form of payment.
Tesla accepts Dogecoin in its online store and there are rumors that Tesla is finally accepting crypto as a form of payment for its vehicles.
On top of Tesla’s investments, Musk has a significant personal investment in bitcoin and has smaller Ethereum and Dogecoin holdings.
Read also: Elon Musk took a motivational class on Twitter; Users ask ‘How tall are you?’
(Ian Inputs)