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Elon Musk affirms he is buying Dogecoin and will continue to support the coin despite being sued


June 21, 2022 · By Muhammad Awwal
Dogecoin (DOGE)

Tesla and SpaceX CEO Elon Musk has reaffirmed his commitment to DOGE despite him and his companies Tesla and SpaceX being sued for a racketeering scheme to support meme cryptocurrency Dogecoin.

The billionaire who is attempting to ferry people to Mars declared in a tweet that he will continue to support Dogecoin and that he is buying the meme cryptocurrency.

I am

— Elon Musk (@elonmusk) June 19, 2022

This is the first time since the lawsuit that Musk, the world’s richest man with a net worth of $202.9 billion according to Forbes, has referenced DOGE. The price of dogecoin increased as a result of his remarks.

Keith Johnson, an American citizen who believes he was scammed out of money by the Dogecoin Crypto Pyramid Scheme, has sued Tesla CEO Elon Musk and his franchises for $258 billion over charges that they were part in a racketeering plot to support meme cryptocurrency Dogecoin.

Johnson is seeking to represent a group of people who have lost money trading Dogecoin since April. He’s asking for $86 billion in damages, plus $172 billion in triple damages, as well as an injunction barring Musk and his companies from promoting Dogecoin and a statement that Dogecoin trading is illegal in the United States and New York.

Elon Musk has become a household name among anyone with even a passing interest in cryptocurrency. The business magnate has been shaking up the crypto market with his humorous tweets and is also recognized as the most influential Dogecoin supporter, with 99 million Twitter followers. 

Musk teased DOGE payments on Twitter in a tweet last year, proposing DOGE as one of the payment options for Twitter Blue, the site’s premium subscription service. 

DOGE payments are already accepted in Tesla’s online store. Musk has previously shown his support for the development and acceptance of dogecoin, stating in a tweet from May 2021 that he was working with dogecoin developers to improve system efficiency.

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