Elon Musk persists and signs. Despite the cryptocurrency market crash and investor complaints, he confirms his interest in Dogecoin (DOGE). The statement gave the currency a boost.
This June 19, 2022, Elon Musk reaffirmed his support for the Dogecoin (DOGE)this cryptocurrency designed as a simple joke in 2014. ” I will continue to support Dogecoin”, said Elon Musk on Twitter. Then he clarified that he keep buying DOGE in response to a user.
The billionaire had already revealed his investments in cryptocurrency last year. In addition to Dogecoin, Elon Musk holds Bitcoin (BTC) and Ether (ETH). Note that Tesla, Musk’s automotive firm, also invested $1.5 billion in Bitcoin in January 2021.
Unexpected rise in the price of Dogecoin
Following these tweets, the price of Dogecoin briefly rose again. As seen on CoinMarketCap, the digital currency abruptly rallied above 0.060 cents. Prior to Musk’s tweet, the cryptocurrency was hovering around 0.052 cents. Obviously, the course is still far from the record of 0.58 cents recorded last year. Note that Dogecoin is currently the 10th most traded cryptocurrency on the market, ahead of Polkadot (DOT) and DAI.
This increase occurs in a bearish context for the cryptocurrency market. As investors turn away from riskier assets, Bitcoin has contracted around $20,000 after falling below $19,000. The entire crypto-asset market has been in the red for several weeks.
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Elon Musk refuses to let go of Dogecoin despite complaint
This is not the first time that the founder of Tesla has mentioned cryptocurrency on his Twitter account. In the past, Musk has notably slipped that Dogecoin is his favorite cryptocurrency. Between provocation and humor, he then promised to send it to the moon thanks to SpaceX before call it a scam. It is since this unexpected criticism that the price of Dogecoin has been falling.
In his tweet, Elon Musk was presumably responding to the complaint of Keith Johnson, an investor who placed money in Dogecoin. In a complaint filed in Manhattan federal court, he accuses the billionaire of knowingly manipulated the price of cryptocurrency.
According to him, investors have lost $86 billion since April 2019, when Musk started talking about DOGE. He claims a total of $258 billion to the founder of Tesla as damages. The complaint also demands that Elon Musk stop speaking publicly about Dogecoin. The richest man in the world is obviously not ready to comply.