The billionaire's posts may have been related to a recent lawsuit that sues him, as well as Tesla and SpaceX, for a whopping $258 billion.
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Elon Musk has declared he will "keep supporting Dogecoin" despite the memecoin's value plunging substantially in the past year — and revealed that he's continuing to buy the cryptocurrency.
The billionaire's posts may have been related to a recent lawsuit that sues him, as well as Tesla and SpaceX, for a whopping $258 billion.
A disgruntled investor alleges Musk played an instrumental role in running a "Dogecoin pyramid scheme" — and contributed to DOGE's downfall by calling it a "hustle" on Saturday Night Live.
That episode aired on May 8, 2021 — the same day that Dogecoin hit a new all-time high of $0.7376 as a manic 18,000% rally came to an end.
At the time of writing, DOGE's current price of $0.05994 marks a 92% drawdown from this peak.
Musk's tweet helped contribute to an 11% surge in the value of Dogecoin in the early hours of Sunday morning, helping to prove that the world's richest man's musings can still have an impact on the altcoin markets.
But there's a danger this could pour fuel on the fire of the legal action brought by American investor Keith Johnson, who alleges:
"Musk used his pedestal as the world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement
