Elon Musk Says He Will Keep Supporting Dogecoin Even After $258 Billion Lawsuit

Elon Musk, the self-proclaimed 'Dogefather,' has finally broken his silence today, tweeting about his favourite meme coin and indicating that he would continue to support the dog-themed cryptocurrency that was launched as a joke in 2013.

After wishing everyone on his Twitter a happy Father’s Day and expressing the love he has for his kids, he went ahead to tweet about the memecoin, stating, “I will keep supporting dogecoin.”

He was then responded by a Twitter user, Altcoin Gordon, who suggested that Musk should keep buying the memecoin, to which Musk responded stating, “I am.”

This tweet comes after the world's richest man and his firms, Tesla and SpaceX, were named in a $258 billion class-action lawsuit.

According to the suit, Musk and his companies are being sued for damages for being, “engaged in a crypto pyramid scheme” involving the leading meme coin in the cryptocurrency market.

It is no news that Elon Musk is a big fan of Dogecoin and all that it stands for, especially in 2021.

In January of this year, the billionaire revealed that his electric vehicle firm Tesla would take Dogecoin as payment for items, and in May, he announced that Dogecoin payments would also be accepted by his space exploration company, SpaceX.

As Musk was expressing his love and interest in the token, the price of the token continued soaring, with Musk himself predicting that the token would hit $1.

Although Dogecoin never made it to Musk’s price target, the token did hit an all-time high of approximately 74 cents, according to data from CoinGecko.