Elon Musk Says He’ll Keep Buying Dogecoin Despite Lawsuit

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Billionaire Elon Musk expressed that he will keep on buying the meme cryptocurrency Dogecoin. After his tweet, the price of the coin spiked by nearly 10%.

Twenty-four hours after Musk’s tweet on June 19, the value of Dogecoin increased by 8.5%. As of writing, its value has been on a constant up and down since and is still holding a positive trend increase of 3.6% according to data aggregator CoinGecko.

Recently, the SpaceX and Tesla CEO received a $258 billion lawsuit alleging he run a “Dogecoin pyramid scheme”. Musk was alleged to manipulate the value of the coin due to the recurring scenario where the value of Doge pumps for a short period of time due to his tweets. (Read more: Elon Musk Faces $258 Billion Lawsuit Accusing Him Of Dogecoin Pyramid Scheme)

Due to this, the petitioner also demands Musk to stop promoting the said cryptocurrency as he uses it for his own “profit, exposure, and amusement.”

Musk is still yet to respond to the lawsuit.

In December, the announcement of Dogecoin integration in Tesla made the value increase as much as 33%.

Initially, Dogecoin was created in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer out of fun and wild speculation in cryptocurrencies, hence a memecoin, but the coin gained traction and fans. In 2019 when Musk began championing it.

This article is published on BitPinas: Elon Musk Says He’ll Keep On Buying Dogecoin Despite Lawsuit

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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Shiela Bertillo

    BitPinas is the leading and most trusted blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.