You are here: Home » International » News » Companies
Business Standard

I will keep supporting and buying Dogecoin crypto, says Elon Musk

As all the leading cryptocurrencies get hammered, Tesla CEO Elon Musk has said he will keep supporting and buying Dogecoin, a cryptocurrency he has been vouching about for years.

Topics
cryptocurrency | Elon Musk

IANS  |  New Delhi 

Elon Musk. Photo: Bloomberg
Elon Musk. Photo: Bloomberg

As all the leading cryptocurrencies get hammered, Tesla CEO has said he will keep supporting and buying Dogecoin, a he has been vouching about for years.

Amid the 'crypto winter', Dogecoin digital currency has tumbled from its high of nearly $0.74 to just over $0.05 in recent days.

In a tweet on Sunday, Musk said: "I will keep supporting Dogecoin."

Reacting to a follower who asked him to keep buying Dogecoin too, Musk replied that he will keep purchasing the .

Called 'Dogefather', Musk has long been a vocal proponent of Dogecoin and tweeted several times in the past to help spike the price of the digital token.

Last week, a Dogecoin investor in the US sued Musk, Tesla and SpaceX for $258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin.

A class-action lawsuit was filed in a federal court in Manhattan, and the Dogecoin investor called for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk started tweeting about it, according to reports.

"Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all," the plaintiff Keith Johnson said in the complaint.

"Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme," he added.

Earlier this year, Musk announced that the company's supercharging stations will accept cryptocurrency Dogecoin as payment.

Tesla does accept Dogecoin in its online store and there have been rumours of Tesla eventually accepting the crypto as a form of payment for its vehicles.

Musk has a significant personal investment into Bitcoin on top of Tesla's investment and he has smaller Ethereum and Dogecoin holdings.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, June 20 2022. 11:39 IST
RECOMMENDED FOR YOU
.