I will keep supporting and buying Dogecoin crypto: Elon Musk  

The Tesla CEO also holds a significant personal investment in Bitcoin, while he has smaller holdings in Dogecoin and Ethereum, though he has been vouching for Dogecoin for years. 

author_img IANS Published :  20th June 2022 08:20 PM   |   Published :   |  20th June 2022 08:20 PM
Elon Musk's declaration comes amid the woes of crypto winter

Elon Musk's declaration comes amid the woes of crypto winter

As all the leading cryptocurrencies get hammered, Tesla CEO Elon Musk has said he will keep supporting and buying Dogecoin, a cryptocurrency he has been vouching for, for years. Amid the crypto winter, Dogecoin’s digital currency has tumbled from its high of nearly $0.74 to just over $0.05 in recent days.

In a tweet on Sunday, Musk said, “I will keep supporting Dogecoin (sic).” Reacting to a follower who asked him to keep buying Dogecoin too, Musk replied that he will keep purchasing the cryptocurrency.


Called Dogefather, Musk has long been a vocal proponent of Dogecoin and tweeted several times in the past to help spike the price of the digital token.

Also read: NFTs, crypto are '100 per cent based on greater fool theory': Bill Gates

Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla and SpaceX for $258 billion. The investor alleged that they have been operating an illegal racketeering enterprise to inflate the price of Dogecoin.

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

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

Also read: Here are some tips on how to diversify your cryptocurrency deck

“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 (sic).” he added.

Earlier this year, Musk announced that the company’s supercharging stations will accept the cryptocurrency Dogecoin as payment. Tesla does accept Dogecoin in its online store, and there have been rumours of Tesla eventually accepting crypto as a form of payment for its vehicles.

Musk also has a significant personal investment in Bitcoin on top of Tesla’s investment. He has smaller Ethereum and Dogecoin holdings.