Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit

Elon Musk could not stop Dogecoin (DOGE) from being publicly supported despite a class-action lawsuit claiming a crypto pyramid scheme worth $258 billion.

A class action lawsuit was filed against Elon Musk, the world’s wealthiest man, and his companies SpaceX and Tesla for an alleged Ponzi scheme that used DOGE tokens. Musk was sued for $258 billion in total damages. The suit also requested that the court declare DOGE trading gambling in the United States.

I will continue to support Dogecoin
June 19, 2022 by Elon Musk (@elonmusk).

However, the lawsuit was not received well by the crypto community and entrepreneurs started to mock the move. Musk was also unshaken by the allegation and he tweeted the following tweet.

Dogecoin founder Billy Markus, who no longer participates in the project, shared his vision of Dogecoin, recommending that developers concentrate more on its utility, security, and transparency. Musk agreed to Musk’s suggestion of a “More currency like” response.

Markus was further reassured by the world’s wealthiest man, who also shared his willingness to use Dogecoin for payment for additional services such as Tesla and SpaceX merchandise.

Related: Elon Musk warns users about the latest deepfake cryptocurrency scam

Musk’s success has been exploited by bad actors who release fake videos that promote cryptocurrency scams.

Yikes. Do not feign me.
Elon Musk (@elonmusk), May 25, 2022

Musk found a fake video online that was used by a deepfake to imitate the entrepreneur at TED Talks. The video shows Musk’s deepfake promoting a cryptocurrency platform that promises 30% returns on deposits.


Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.