Elon Musk was recently sued for $258 billion by a Dogecoin investor because its value has now fallen. Despite being sued for his involvement with Dogecoin, Musk said he would continue to support the cryptocurrency.
"I will continue to support Dogecoin," Musk wrote in a tweet on Twitter, as quoted from Yahoo Finance, Monday (20/6/2022).
When asked by a netizen to keep buying Dogecoin, the CEO of SpaceX and Tesla reiterated his commitment and replied: "I am."
Thanks to the tweet, Dogecoin's value rose almost 10% to a level of USD 0.056 just an hour after Musk uploaded his tweet. The increase is not that significant, but at least it can offset the big decline in the last month.
Several other cryptocurrencies have also started to recover after their value in the market fell apart. After steadily dropping for 12 days, Bitcoin rose to the level of USD 18,300 on Sunday (19/6) according to Coindesk data. Last week, the value had dropped to a low of USD 17,600.
Dogecoin was originally a token meme created as a joke. But this cryptocurrency is starting to gain a lot of fans because it is often promoted by Musk since 2019.
Musk even often refers to himself as the 'Dogefather'. Two of his companies, SpaceX and Tesla, also accept Dogecoin as a form of payment.
But Musk's 'pom-pom' Dogecoin move also got him in trouble. Last week, Dogecoin investor Keith Johnson sued Musk for running a pyramid scheme to boost Dogecoin's value.
"The defendant realized since 2019 that Dogecoin has no value but continued to promote Dogecoin to profit from its trading," the lawsuit reads.
"Musk used his position as the richest man in the world to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and entertainment."