Tesla CEO Elon Musk said he would continue to invest in Dogecoin, which plunged. On the 20th (local time), Yahoo Finance quoted Musk as saying that Musk would continue to buy Dogecoin.
Musk replied, “I’m buying it,” when a Twitter user posted a message saying, “You have to buy it to prove that you support Dogecoin.”
Although the entire cryptocurrency market is frozen, Musk continues to buy Dogecoin. Musk floated the coin early last year, claiming to be “Dogefather.”
Tesla allowed Dogecoin payment at an online shop selling accessories and accessories last year, and Musk recently announced that he would introduce Dogecoin payment function to SpaceX. However, Musk was recently sued for damages worth $258 billion by cryptocurrency investor Keith Johnson when the price of Dogecoin plunged. The intention is that Musk promoted the coin to make a profit even though he knew Dogecoin was not worth it.
“Musk used his position as the richest man in the world to commit Dogecoin pyramid fraud for his financial gain and enjoyment,” Johnson said.
Johnson filed a complaint on behalf of all those who lost money due to the collapse of Dogecoin in the form of a class action suit, and set a claim for damages based on the decline in Dogecoin ‘s market capitalization since May last year.
Dogecoin is currently trading at $0.0601 as of 12.50 GMT+8 in CoinMarketCap, up 2/18% from the previous day.