Elon Musk's admiration for Dogecoin (CRYPTO: DOGE) is no secret. On Wednesday, the billionaire owner of Twitter and CEO of Tesla posted a Scooby-Doo meme that boosted the value of the Shiba Inu-themed coin.
What Happened: Musk's posts on Dogecoin have sometimes attracted trouble for the entrepreneur. On June 16, 2022, a class action lawsuit accused Musk of running a crypto pyramid scheme — also known as a Ponzi Scheme — using Dogecoin.
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“It’s not backed by gold, or other precious metal, or anything at all. You can’t eat it, grow it, or wear it. Dogecoin does not generate cash flow. It doesn’t pay interest or a dividend. It has no unique utility compared to other cryptocurrencies. It is not part of a new internet or metaverse. It’s not based upon or tied to anything of value,” the introduction of the case said.
On the day the lawsuit was filed, DOGE ended the day at $0.055, while at the time of publishing the cryptocurrency was seen trading at 0.070. DOGE has risen 28.1% since that time. This means that if an investor purchased $100 worth of DOGE on the day of the lawsuit, they would have $128.06 today.
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