Crypto

Elon Musk Rigidly Supports Dogecoin After $258B Lawsuit

Musk supports Dogecoin (DOGE) and his continues love of this ecosystem on his Twitter

The CEO of Tesla seems to be unshaken about all the allegations, as he expressed his passion for the Dogecoin (DOGE) ecosystem at Twitter platform and said “I will keep supporting Dogecoin.”

A New York district court did receive a class action complaint against Elon Musk and the companies he owns, for an alleged Ponzi scheme using Dogecoin (DOGE) tokens on June 16th. This lawsuit requested $258 billion in total monetary damages, while asking the court to ban trading Dogecoin and consider it as gambling in the United States.

The crypto community did not deem to be taking this lawsuit seriously, as the entrepreneurs started to ridicule the move. Elon Musk was also unshaken about it as he did explicitly expressed his support to the Dogecoin.

However, the creator of Dogecoin Billy Markus (who is no longer part of the project) did share his own vision of the ecosystem on June 18, which goes beyond the hype, and encouraged the developers to focus more on its utility and security.

Musk did reassure Markus by sharing his willingness and openness to using the Dogecoin as payment for selected services in addition to Tesla and SpaceX merch.

It was discovered that the bad actors who were trying to crash in on Elon Musk’s success have been uploading deepfake videos promoting cryptocurrency scams. As he discovered a a video of himself online, which was used to mimic the entrepreneur on a TED Talk using deepfake.

By the time of writing this article, Dogecoin (DOGE) is trading at $0.05745 in green.

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