Just two days after a dogecoin investor sued him for allegedly running a “Dogecoin pyramid scheme”, the CEO of Tesla Elon Musk tweeted that he will keep supporting dogecoin and plans to buy more of it. Musk Says He’s Still Buying DOGE Self-proclaimed ‘Doge father’ and the world’s richest man Elon Musk has come out in support of Dogecoin, which has been falling amid the crypto market crash. After Musk’s tweet, the coin rose about 11 percent in the 24-hour span. I will keep supporting Dogecoin — Elon Musk (@elonmusk) June 19, 2022 In another response to a user telling Musk to “keep buying it then,” he stated, “I am.” I am — Elon Musk (@elonmusk) June 19, 2022 According to data from CoinGecko, the price of Dogecoin currently stands at $0.058639 with a 24-hour trading volume above $1 billion. The token’s ranking is number 11, with a live market cap of $7,783,692,439. Elon Musk Pyramid Scheme Lawsuit Musk’s tweet came just a few days following a lawsuit by a Dogecoin investor, who claimed that Musk has been heavily promoting and engaging in a “dogecoin pyramid scheme” a.k.a pyramid scheme. The $258 billion class-action lawsuit alleges that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.” The Dogecoin investor petitioned a New York court to admit his motion as a class action lawsuit on behalf of those who have suffered losses in dogecoin investments since 20...
