I will keep supporting Dogecoin
As the crypto market bled over the weekend, Elon Musk once again voiced his support for Dogecoin — the cryptocurrency with a Shiba Inu meme.
Taking to Twitter, the richest person in the world wrote, “I will keep supporting Dogecoin.” When a Twitter user suggested that that if Musk supports it, he should keep buying it, the tech billionaire responded: “I am.”
Earlier in the day, when Dogecoin’s co-creator Billy Markus said that he wants that people actually “use it for something… so it has a reason to exist,” Musk wrote: “Tesla and SpaceX merch, maybe more down the road.”
In January, dogecoin — founded in 2013 — surged after Elon Musk said that it could be used to buy Tesla merchandise.
For a brief period, Tesla was also accepting Bitcoin as payment for its vehicles last year, but the decision was called off three months later as mining Bitcoin was too hard on the environment. Elon Musk had later said that Tesla would not accept it for EV purchases until the production of the coin becomes more environmentally friendly.
Meanwhile, a man in US recently filed a $258 billion lawsuit against Musk and his companies Tesla and SpaceX after he lost money invested in Dogecoin.
The plaintiff Keith Johnson Since estimates that since Musk began promoting the virtual currency, investors have lost around $86 billion. He said that he would like Musk to reimburse investors this sum, plus pay double that in damages — an additional $172 billion.