Tesla CEO Elon Musk is once again confirming his support for popular meme token Dogecoin (DOGE) despite getting hit with a multimillion-dollar lawsuit that alleges he promoted the dog-themed crypto asset as a pyramid scheme.
The business magnate tells his 99 million Twitter subscribers that he will continue to support and purchase DOGE even as he faces a massive $258 million lawsuit that claims he propped up a fraudulent crypto scheme.
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“I will keep supporting Dogecoin.”
When prodded by a user who told him that he should continue buying DOGE, Musk replied “I am.”
Musk reiterating his support for Dogecoin sent the meme asset on a rally as it rose from a seven-day low of $0.0501 to $0.0622, a 24% increase. DOGE has since stabilized and is changing hands at $0.0599 at time of writing.
The billionaire has been an avid supporter of Dogecoin since last year, going as far as referring to it as “the people’s crypto” and even allowing customers to purchase specific Tesla products with it. DOGE is one of three crypto assets Musk says he owns, the other two being leading digital assets Bitcoin (BTC) and Ethereum (ETH).
Recently, a disgruntled investor announced that he is suing Musk and his companies Tesla and SpaceX, claiming that the tech mogul’s support for DOGE is “simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price.”
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