Elon Musk Says He Will Continue to Support Dogecoin on People’s Request

Despite facing a $258 billion lawsuit, the world’s richest man Elon Musk is not going to back down on his continued support for Dogecoin (DOGE). The Tesla chief extended his support for Dogecoin (DOGE) for the second time in the last few days.

Elon Musk said that he will continue to buy dogecoin going ahead. During his recent interview with Bloomberg, Musk said: “A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin. I’m responding to those people”.

Electric carmaker Tesla has been already accepting payments in DOGE for its merchandise sales. Musk said that his other company SpaceX shall continue to do the same.

Even after facing the lawsuit, Elon Musk tweeted last Sunday: "I will keep supporting Dogecoin”. One of the Twitter users suggested that to keep up with his continued support, he must also consider buying DOGE. To which Musk replied: “I’m”.

Elon Musk has been quite vocal about his support for Dogecoin (DOGE) and the broader crypto space over the last few years. Earlier this year in March, Musk said that he owns Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) and that he won’t sell them.

Dogecoin (DOGE) started as a memecoin for fun back in 2013, but quickly gained prominence after Musk started supporting it. But Musk’s relentless support can also put his in trouble.

American citizen Keith Johnson recently filed a lawsuit against Elon Musk stating: “Every statement and endorsement from Defendants on social media regarding Dogecoin has knowingly caused millions of people to spend billions of dollars buying into the Dogecoin Crypto Pyramid Scheme. Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all”.

Jhonson argued that he and many investors who invested on Musk’s recommendations have lost a lot of money.

Dogecoin creator Billy Marcus recently shared his desire to take Dogecoin further. He said: “People actually use it for something beyond pump and dump bullshit so it has a reason to exist. The community understands what crypto is and what the crypto market is and knows that it’s all kinda dumb and has fun with it”.  

Amid the crypto market correction, Dogecoin (DOGE) has undergone a major price fall. The DOGE price is down more than 60% year-to-date.