Cryptocurrency

Elon Musk’s Support For Dogecoin Grows Stronger Following $258b Lawsuit

Published

2 years ago

June 19, 2022

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Elon Musk has publicly expressed his ongoing support for Dogecoin despite a $258 billion class-action lawsuit claiming a crypto pyramid scheme (DOGE).

iexclusivenews reports that a class-action lawsuit was filed in New York district court on June 16 against Elon Musk.

The world’s richest man, and his firms, SpaceX and Tesla, over an alleged Ponzi scheme involving DOGE tokens.

I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022

This online news outlet understands that the case sought $258 billion in total monetary damages from Musk. As well as a ruling that DOGE trading is considered gambling in the United States.

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iexclusivenews Nigeria reports that the lawsuit, on the other hand, did not sit well with the crypto community, with entrepreneurs mocking the action.

In the following tweet, Musk also seems unfazed by the allegations, reiterating his support for the Dogecoin ecosystem.

On June 18, Dogecoin founder Billy Markus, who is no longer involved in the project, presented his vision for Dogecoin.

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Which extends beyond the excitement, advising developers to focus more on its usability and security. Musk concurred with a “More currency-like” response to Markus’ proposal.

Markus was further comforted by the world’s richest man’s willingness to accept Dogecoin as payment for services other than Tesla and SpaceX merchandise.

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