October 1, 2022
Tesla CEO Elon Musk says he will stick by Dogecoin despite the cryptocurrency's value plummeting since last year and a $258 billion lawsuit over an alleged Dogecoin pyramid scheme.

Tesla CEO Elon Musk says he will stick by Dogecoin despite the cryptocurrency‘s value plummeting since last year and a $258 billion lawsuit over an alleged Dogecoin pyramid scheme.

The tech billionaire, who is engaged in a $44 million Twitter acquisition, tweeted about his stance on Dogecoin early Sunday morning. “I will keep supporting Dogecoin,” Musk said. And then to a tweet that said, “Keep buying it then,” he responded, “I am.”

Dogecoin, a cryptocurrency founded in 2013 which features a Shiba Inu dog meme, hit a peak of about 74 cents in May of last year. Musk has embraced Dogecoin, but a sell-off took place that same month after a “Saturday Night Live” sketch in which Musk said the coin was “a hustle.” The value of Dogecoin has since dropped to approximately 5 cents, rising just a little bit around the time of Musk’s tweets early Sunday.

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The price of Dogecoin briefly jumped in January after Musk announced Tesla would accept the cryptocurrency for some merchandise. SpaceX, a spaceflight company also run by Musk, was accepting Dogecoin as payment for an upcoming mission to the moon, CNBC reported in May 2021, and a year later Musk said SpaceX would soon join Tesla in accepting Dogecoin for merchandise purchases. Musk, Tesla and SpaceX, were sued in federal court in Manhattan last week for $258 billion. The plaintiff, Keith Johnson, seeks a class action lawsuit claiming a racketeering scheme to falsely hype Dogecoin as a legitimate investment.

Early Saturday morning, Musk responded to a tweet from Dogecoin co-creator Billy Markus, who shared his “desire” for the cryptocurrency: that “people actually use it for something beyond pump and dump bulls*** so it has a reason to exist,” and “the community understands what crypto is and what the crypto market is and knows that it’s all kinda dumb and has fun with it.”

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“Tesla and SpaceX merch, maybe more down the road,” Musk said.

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