Elon Musk, the ‘Dogefather’, Still Supports DogeCoin

As all the leading cryptocurrencies get pummeled, Tesla CEO Elon Musk has said he will keep supporting Dogecoin, a cryptocurrency he has made popular with just this tweets.

What did Elon Musk say in his tweet?

In the mid of ‘crypto winter,’ Dogecoin digital currency has plunged from its high of around $0.74 to just exceeding $0.05 in recent days. In a tweet on Sunday, Musk stated: “I will support Dogecoin.” Responding to a follower who requested him to keep buying Dogecoin, Musk replied that he would keep buying cryptocurrencies. 

Why does Elon say ‘Dogefather?’

Anointed ‘Dogefather,’ Musk has long been a vocal adherent of Dogecoin and tweeted several times in the past to enable a spike in the rates of the digital token. Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla, and SpaceX for $258 billion for allegedly employing an illegal racketeering corporation to extend the price of Dogecoin.

What is the Manhattan Lawsuit? 

A class-action lawsuit was filed in a federal court in Manhattan, and the Dogecoin investor is known for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk began tweeting about it, according to reports.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme,” he added.

Is Tesla accepting Dogecoin?

Earlier this year, Musk declared that the company’s supercharging stations would acknowledge cryptocurrency Dogecoin as payment. Tesla does accept Dogecoin in its online store, and there have been rumors of Tesla eventually acknowledging crypto as a form of payment for its vehicles.

Musk has a significant personal investment in Bitcoin on top of Tesla’s investment, and he has smaller Ethereum and Dogecoin Holdings.

Author: Abhishek Kumar

A self-believer who loves to learn and spread the light of wisdom in his community. You could find him writing about finance, cryptos, and marketing. Moreover, he loves to read non-fiction and drink non-alcoholic drinks.

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