Dogecoin Price Surges After Elon Musk Tweets In Its Support Amid $258 Billion Case

The crypto market isn’t doing well these days but the Dogecoin is receiving attention even in this situation all thanks to the “Dogefather” Elon Musk. Elon Musk again tweeted in support of Dogecoin even though he’s being sued by Keith Johnson for promoting a pyramid scheme.

After the tweet, the prices surged by 13%. From the last year, the prices were just going down and ended up at the price of $0.05 only. The highest Dogecoin price ever seen was $0.68.

Elon Musk in his tweet mentioned that

Dogecoin

To which a person tweeted back and said “Keep buying it then” and Elon Musk replied that “I am” and proved why he is called a “Dogefather” as he’s still buying amid the scenario.

elon musk

History of Elon Musk with Dogecoin

Dogecoin was started as a joke in the year 2013 by two engineers Billy Markus and Jackson Palme. And people loved it as it was based on a joke and soon Elon Musk started talking in its favor it rose to a good market value.

In April 2019, Elon Musk tweeted that “Dogecoin might be my favorite cryptocurrency, it’s pretty cool”. After that, he continuously kept tweeting about it from time to time.

Earlier in January 2022, Elon tweeted that

Dogecoin

Earlier he also explained that he doesn’t just think of Dogecoin as a meme because it has the potential to become a currency. Similar thoughts are also shared by the co-creator, Billy Markus. He said that he wants people to use Dogecoin for something so that it has a purpose or a reason to exist. And Elon Musk replied to that and mentioned that “Tesla and SpaceX merch maybe more down the road”.

Why did Elon Musk got sued?

A Dogecoin investor Keith Johnson has sued Elon Musk for $258 billion, alleging that the Tesla CEO promoted the cryptocurrency and is liable for investor losses. Keith Johnson also wants his case to be handled as a class action. Investors lost around $86 billion, according to his estimation, and he wants the billionaire to pay that plus quadruple the amount as damages.

Dogecoin was trading for a few cents and wasn’t thought to be particularly valuable until Tesla CEO Elon Musk started mentioning it in his tweets. The cryptocurrency’s value then climbed to around 75 cents. However, it is now trading for less than 6 cents, implying that investors have lost more than 90% of their money.

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