It seems as though nothing can stop the billionaire from supporting his beloved DOGE.
On June 19, CEO of Tesla and SpaceX Elon Musk announced that he would keep supporting and buying Dogecoin (DOGE) amid the current crypto market turmoil. He stated on his Twitter account:
The news comes after a complaint filed in the New York Court district underlined that Musk, SpaceX, and Tesla participated in a crypto pyramid scheme and purchased Dogecoin by using his title as the world’s richest man.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Yield Farming in Crypto? (Animated Explanation)
According to the lawsuit, Musk must pay $258 billion in total monetary damages, as the trading of the memecoin should be considered a gambling activity.
However, it seems as though the crypto community and Musk treated the lawsuit with contempt. The billionaire mentioned that he won't give up on Dogecoin so easily. In fact, after the CEO posted the tweet, on Sunday morning, Dogecoin (DOGE) spiked from 5 cents to over 5.8 cents.
On top of that, yesterday, Billy Markus, known as the creator of Dogecoin, mentioned that devs should put more emphasis on the memecoin's security and utility. Musk agreed with Markus and showed the possibility of integrating Dogecoin as a payment method for other services and merch.
Last week, during a virtual all-hands meeting, Musk also pushed the idea that Twitter should integrate cryptocurrencies for receiving and sending money.
In other news, earlier this year, a video featuring Musk’s deep fake was posted where he allegedly promoted a fraudulent crypto-related project providing 30% returns on crypto deposits.