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Dogecoin zooms 9% after Elon Musk said he will keep supporting the cryptocurrency

World's richest man Elon Musk’s tweet came just a few days after a Dogecoin investor filed a lawsuit against him claiming that Musk has been heavily promoting and abetting a “dogecoin pyramid scheme” which caused heavy financial losses to scores of investors. Keith Johnson said he lost money in Dogecoin investments.

ET Now Digital

Updated Jun 19, 2022, 15:54 IST

Dogecoin zooms over 9 after Elon Musk said he will keep supporting the cryptocurrency

New Delhi: Self-proclaimed ‘Doge father’ Elon Musk has come out in support of Dogecoin time and again, sending the price of the cryptocurrency up. The world’s richest man and Tesla CEO on Sunday did the same once again as he came out in support of the token, which has been falling amid the crypto market crash.

On a free fall over the past months, Dogecoin has lost over 80 per cent of its value from the all-time high which it reached in May 2021. However, the token gained nearly 9 per cent on Sunday after the Tesla boss said that he will keep supporting Dogecoin.

The coin rose about 8.5 per cent in the 24-hour span after Musk’s tweet. In another response to a user telling Musk to "keep buying it then," he stated, "I am."

According to coinmarketcap.com, the price of Dogecoin is $0.056969 with a 24-hour trading volume of $992,406,891. The token’s ranking is number 10, with a live market cap of $7,558,095,070. It has a circulating supply of 132,670,764,300 DOGE coins.

Musk’s tweet came just a few days following a lawsuit by a Dogecoin investor, who claimed that Musk has been heavily promoting and abetting a “dogecoin pyramid scheme” which caused heavy financial losses to scores of investors.

Keith Johnson said he lost money in Dogecoin investments after being roped in what he describes as “Dogecoin Crypto Pyramid Scheme”. He petitioned a New York court to admit his motion as a class action lawsuit on behalf of the who have suffered losses in dogecoin investments since 2019.

Meanwhile, experiencing a continuous decline, Bitcoin dropped below the $20,000 level on Saturday to its lowest point in 18 months, extending its slide as investors showed they were unnerved by growing troubles in the industry and as the general pull-back from riskier assets continued.

The digital currency sector has been pummeled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts, while crypto companies started laying off employees and there were reports that a cryptocurrency hedge fund ran into trouble.

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