Musk will support Dogecoin
Elon Musk, who has been recently dragged to a class action lawsuit for manipulating the price of meme coin and running a Ponzi scheme, seems determined to support DOGE.A Twitter user requested Musk keep buying Dogecoin, to which he replied, “I am.” He tweeted earlier this Sunday that he will continue supporting DOGE.
Musk is known for promoting Dogecoin, and the lawsuit cites some of his most popular DOGE tweets since a satirical article aroused his interest in the meme coin in 2019. The plaintiff demanded a ban on Musk and his companies from promoting DOGE. However, the self-proclaimed “Dogefather” proves to be the one by supporting the meme token in every situation.
What’s in lawsuit?
An American DOGE investor, Keith Johnson, filed a lawsuit against the richest man on the planet and his companies, Tesla and SpaceX, alleging them of defrauding him and running a pyramid scheme to manipulate the price of the Dogecoin.The complaint said Musk’s constant tweets and replies represented him as a major fan of the cryptocurrency. This allegedly hyped the token's price, and investors lost all their funds when market conditions changed. The plaintiff says:
“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”
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