Even after the fact Elon Musk sued over claims of dogecoin pyramid scheme, he says that “I will keep supporting Dogecoin” and also claims he is still buying.
Some investors believe this moment in the cryptocurrency era is a golden opportunity to acquire digital coins. Elon Musk is buying dogecoin (DOGE) at a bargain rate due to the fall. This fall was caused by a number of reasons, but it can be said that the Terra crash had some real effects on the market of crypto.
“I will keep supporting Dogecoin”
Elon Musk, CEO of Tesla and SpaceX as well as a co-founder of The Boring Company and Neuralink, has acknowledged on Twitter that he is buying dogecoin. This is after openly stating that he will continue to support the cryptocurrency meme.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
News that threatened the health of the crypto industry was the starting point for the market’s freefall. It all began when TerraUSD (UST), Luna, and the Terra ecosystem collapsed. Then came a liquidity crisis caused by unilateral asset freezing from Celsius. The potential bankruptcy of the Three Arrow Capital fund and other protocols halting asset exits, such as Babel Finance, which has halted withdrawals, were among them. To prepare for a crypto winter, several cryptocurrency firms are making widespread job cuts.
I am
— Elon Musk (@elonmusk) June 19, 2022
Elon Musk sued over claims of Dogecoin pyramid scheme
Even in the face of such a cataclysmic event, the technology entrepreneur endorses meme cryptocurrency. Musk said he bought DOGE because he thinks it will rise in price again. This comes after the fact that a dogecoin investor is suing Elon Musk and two of his firms, Tesla Inc. and SpaceX, for $258 billion, claiming that they are running a “pyramid scheme” to create the cryptocurrency’s price bubble. We covered the Elon Musk Dogecoin lawsuit in detail in our article.
Dogecoin price
The price of DOGE is rapidly decreasing. The meme coin has been falling continuously in the last year, dipping below its pre-bubble levels. DOGE had a historically high price of 0.68 dollars before it plummeted by over 80 percent, now trading in the range of 0.058 dollars according to CoinMarketCap. We will have to wait to see whether the market reacts by suppressing the fall of the memecoin after Musk’s DOGE purchase was so recent. There are many who hope DOGE will shoot for the moon and reach 1$, but it doesn’t seem likely.
How long did it take to create Dogecoin?
In 2013, software developer and Adobe Inc. employee Jackson Palmer and Billy Markus created Dogecoin as a form of satire against the cryptocurrency craze. Billy Markus is a skeptic when it comes to cryptocurrencies, even though he co-created one of the most well-known coins, going as far as calling most of the cryptocurrencies fraudulent.
Yet their creation gained enormous popularity in 2021, with Elon Musk being one of its most vocal promoters. Tesla started accepting Dogecoin for purchases of goods earlier this year, and Musk has indicated that SpaceX will soon follow suit. His association with Dogecoin is so apparent that when he decided to buy Twitter, Dogecoin rose just because of it.
For the time being, you may observe how DOGE’s value has ascended vertically since the almost-exact moment when the world’s richest man declared his support for Dogecoin. Only time will tell whether Elon Musk has removed Dogecoin from the crypto bin.
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