In the midst of the 'crypto winter,' Dogecoin has recently fallen from a high of roughly $0.74 to a little over $0.05.
Digital Desk: While all of the major cryptocurrencies have taken a hit, Tesla CEO Elon Musk has stated that he will continue promoting and buying Dogecoin, a cryptocurrency he has endorsed for years.
In the midst of the 'crypto winter,' Dogecoin has recently fallen from a high of roughly $0.74 to a little over $0.05.
In a tweet on Sunday, Musk said: "I will keep supporting Dogecoin."
Following a follower's request to keep purchasing Dogecoin, Musk replied that he would continue to do so.
Tagged 'Dogefather,' Musk has long been an outspoken supporter of Dogecoin, tweeting multiple times in the past to encourage the digital token's price rise.
Last week, a Dogecoin cryptocurrency investor in the United States sued Musk, Tesla, and SpaceX for allegedly running an illegal racket activity to raise the price of Dogecoin artificially.
According to sources, a class-action complaint was filed in federal court in Manhattan by a Dogecoin investor seeking triple the damages of $86 billion, which is the amount the plaintiff claims Dogecoin investors have lost since Musk began tweeting about it.
In the complaint, plaintiff Keith Johnson claims, "Defendants falsely and deceptively represent that Dogecoin is a genuine investment when it has no value at all."
"Plaintiff and the class have lost nearly $86 billion in this Crypto Pyramid Scheme since Defendant Musk and his firms SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting, and operating Dogecoin in 2019," he wrote.
Musk stated earlier this year that Dogecoin would be accepted as payment at the company's supercharging stations.
Tesla accepts Dogecoin in its online store, and there have been rumours that the currency will be accepted as a means of payment for Tesla vehicles in the future.
Musk has a large personal Bitcoin investment in addition to Tesla's investment and smaller Ethereum and Dogecoin stakes.
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