In May this year, Dogecoin lost over 33% of its price after Elon Musk, cryptocurrency supporter Tesla chief, referred to it as a “hustle”. Musk was speaking on a television show called “Saturday Night Live” when he called the coin so.
Meanwhile, the popular meme virtual currency was struggling to stick to its gains over the weekend after the latest comment by Musk. The meme coin pumped in its value after Elon Musk mentioned he would continue buying and advocating the cryptocurrency.
There was a point when the crypto, which holds the 11th rank in terms of market cap, went up by 24 percent. It rose from its regular low of about $0.0501 and reached a reasonably high value of $0.0622. Despite that, crypto is trading at a lower value since then.
On Monday (June 20) morning, the currency traded at $0.058. DOGE increased by 5.4 percent for a day and then dipped 9 percent in one week. The currency is down 80 percent in a year and 31 percent in a month.
The CEO of Tesla took to Twitter to claim that he would keep backing the coin. A user replied that he should keep purchasing then. Musk mentioned he was doing that.
However, Musk’s support for DOGE came as a person sued him for trying to influence the coin’s price through his tweets.
Investor Sues Elon Musk
One of the investors of dogecoin files a lawsuit amounting to a whopping $258 billion against Elon and his organizations SpaceX and Tesla.
Keith Johnson, the investor, mentioned he incurred losses after investing in the coin. The plaintiff referred to himself as a citizen of America and claimed that Musk was trying to influence the value of DOGE.