Elon Musk, the CEO of Tesla and SpaceX, has been quiet on the topic of Dogecoin DOGE/USD since his last mention in April 2023, where he said he would “pay a million Dogecoin” as reward for proof of the existence of an emerald mine that has been attributed to his family.
What Happened: Earlier on June 19, 2022, Musk reassured his support for the meme cryptocurrency DOGE with a tweet: “I will keep supporting Dogecoin."
Musk’s endorsement came shortly after an investor hit him with a lawsuit, accusing him of inflating the value of Dogecoin as part of a so-called ‘Dogecoin Crypto Pyramid Scheme',
Reacting to a suggestion to continue buying Dogecoin in the same Twitter thread, Musk replied, “I am”.
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Why It Matters: The lawsuit in question was instigated by Keith Johnson, a Dogecoin investor who alleged that Musk was instrumental in running a ‘Dogecoin Crypto Pyramid Scheme,’ causing financial losses not only to himself but potentially to many others since 2019. Johnson has filed for this to be recognized as a class-action lawsuit in a New York court.
Bitcoin soared above the $64,000 mark, driving positive sentiment across the crypto landscape, Dogecoin’s price rose to the $0.10 threshold.
According to Yahoo Finance, Dogecoin’s market price reached at $0.060 on the date of Musk’s supportive tweet in 2022. Today, Dogecoin has seen its value rise to $0.12, which means a 100% increase since then.
Dogecoin stands as the 10th largest cryptocurrency, with recent market capitalization figures showing $18.3 billion.
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