- Tesla and SpaceX top executive Elon Musk said he will keep supporting Dogecoin.
- Musk tweeted two days after a Dogecoin investor sued him and his companies for running a “pyramid scheme” to support Dogecoin.
- The price of Dogecoin took off 13% after the CEO’s tweet.
Tesla chief executive and Dogecoin advocate Elon Musk proclaimed via tweet that he will keep supporting Dogecoin. The token’s price has seen a 13% increase after the CEO’s tweet.
The top executive’s tweet was posted two days after a dogecoin investor and plaintiff, Keith Johnson, filed a $258 billion lawsuit in federal court in Manhattan against the multi-billionaire and his companies Tesla and SpaceX.
Musk is the world’s richest person according to Forbes. He began rooting for the underdog token, Dogecoin, via his personal Twitter account in 2019.
Johnson cited that the top executive was running a pyramid scheme to support the price of Dogecoin on Twitter, only then to let it collapse. He declared to have lost approximately $86 billion and was looking to triple it by this lawsuit.
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The cryptocurrency gained huge purchasing support as Musk repeatedly endorsed and hyped it on social media. The billionaire’s tweets have influenced the community to moon the price of Dogecoin by 4,000%, up to its all-time high of $0.74 in May 2020.
In April, the Dogecoin advocate also suggested making the meme coin a payment option in Twitter Blue. Adding that he was working with Doge’s team to ‘improve system efficiency’. At the time of writing, Dogecoin is trading at $0.058, up 11.54% according to CoinMarketCap.
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