“I will keep supporting dogecoin,” Musk, who last year revealed he personally owns dogecoin, bitcoin and ethereum, posted to Twitter, repling to one commentor that told him to “keep buying” it, “I am.”
Last month, Musk’s rocket company SpaceX followed his electric car company Tesla in adopting dogecoin payments, allowing customers to buy merchandise using dogecoin.
As last year’s huge bitcoin, ethereum and crypto bull run pushed prices to blistering highs, Musk—who was voted “dogecoin CEO” in a joke Twitter poll in 2019 and adopted the moniker “The Dogefather”—repeatedly called on dogecoin developers to upgrade the cryptocurrency in order to “beat bitcoin hands down.”
The dogecoin price rocketed into the crypto top ten last year after fading into relative obscurity, helped by Musk and other high-profile investors such as Mark Cuban. The dogecoin price peaked at over 70 cents ahead of Musk’s appearance on the comedy sketch show Saturday Night Live and has since collapsed to just 5 cents, down more than 90%.
Earlier this week, Musk and his companies Tesla and SpaceX were hit with a $258 billion lawsuit claiming they are part of a racketeering scheme to pump the dogecoin price.
“[Musk, Tesla and SpaceX] falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all,” Keith Johnson, described as “an American citizen who was defrauded out of money by defendants’ dogecoin crypto pyramid scheme,” wrote in the complaint.
“[Dogecoin DOGE is] simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price,” the lawsuit read before going on to list Musk’s multiple tweets and public statements that have pushed up the dogecoin price over the last 18 months.
In early 2021, Musk sent the bitcoin price sharply higher when it was revealed Tesla had bought $1.5 billion worth of bitcoin.