Elon Musk says he will continue supporting Dogecoin
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.”
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
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.”
Tesla and SpaceX merch, maybe more down the road
— Elon Musk (@elonmusk) June 18, 2022
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“Tesla and SpaceX merch, maybe more down the road,” Musk said.