Elon Musk backs Dogecoin despite demand and market decline

Following Elon Musk ‘s post, Dogecoin grew in value by 8%.

Elon Musk continues to move the cryptocurrency market and is not afraid of lawsuits, once again giving his support to Dogecoin.

In his Twitter account, the tycoon stated that “he will continue to support Dogecoin “, causing an 8% rise in the value of the cryptocurrency, although its price is still far from its peak.

against lawsuits

The message was delivered in the midst of a controversial lawsuit against Elon Musk for the promotion, precisely, of Dogecoin.

A subject named Keith Johnson has accused him in the Manhattan courts of running a pyramid scheme to support the cryptocurrency for his own benefit.

“The defendants knew since 2019 that Dogecoin had no value and still promoted it to profit from their trade,” the complaint says. “Musk used the pedestal of himself as the richest man in the world to operate and manipulate the pyramid scheme in Dogecoin for profit, exposure and fun.”

The man asks for 258 billion dollars.

rock bottom price

Beyond that, the increase in value seems insignificant in the face of big drops in the cryptocurrency market.

Only the Dogecoin, which is currently valued at five cents, was worth 72 cents in May 2021. What is certain is that Elon Musk has supported this currency for more than a year, naming himself “The Dogefather” and they accept a space flight of his company SpaceX paid with this cryptocurrency .