Elon Musk, Tesla’s CEO has reiterated his commitment and support for Dogecoin quite a few times over the past weekend. On Sunday, June 19th, he also tweeted his continued support for DOGE and that he would continue to keep purchasing the coin. The price of DOGE went up after his statements despite a steep dip in the crypto market.
Tesla was accepting payments in DOGE for specific merchandise starting January this year. In May, Elon Musk said that Spacex would also start accepting DOGE for subscriptions and merchandise. At the time of publication, DOGE prices were up to $.062, a 25% rise. Overall, DOGE is still down 30% from its highs a month ago.
Musk has been a long-time supporter of DOGE and is known as the Dogefather in the wider crypto community. He firmly believes that DOGE has great potential and is currency for the people. In contrast to DOGE, he said that BTC is a better store for value. Musk revealed that he owns BTC, ETH and DOGE.
In the second week of June 2022, Musk along with both companies, Spacex and Tesla got sued for promoting DOGE. The class-action lawsuit alleges that Musk and the companies made false claims that DOGE had value as a legitimate investment opportunity. According to the lawsuit, DOGE does not have much value and it is not a good investment. The plaintiff is seeking $258 billion in damages by stating that Musk and his companies are actively engaged in a pyramid scheme. This, because he is promoting DOGE.
Musk hinted that crypto payments would be integrated with Twitter if his bid to buy the company is successfully completed. The deal, worth $444 billion is on hold because of Musk’s accusation that the agreement suffered a material breach.