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What just happened? Elon Musk has once again confirmed he will keep supporting and buying Dogecoin, despite facing a $258 billion lawsuit that claims the world's richest man and his companies ran a pyramid scheme to push up the crypto's price before letting it crash.
Musk's relationship with Dogecoin hasn't been the smoothest. He tweeted a dog meme with the caption "Dogecoin rulz" in April 2019 and sent its value skyrocketing in December 2020 with a "One Word: Doge" tweet. The billionaire pushed the crypto even higher in April last year by referring to himself as "The Dogefather."
But Musk crashed the price of Doge after calling the crypto a "hustle" on Saturday Night Live. He also went on a Twitter rant against Dogecoin's co-creator, Jackson Palmer, who said the Tesla boss is a "grifter."
Musk is also facing a $258 billion lawsuit launched against himself, Tesla, and SpaceX over claims they ran a pyramid scheme to support Dogecoin.
But it seems Musk isn't going to stop singing the praises of Dogecoin. "A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin," he said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the Qatar Economic Forum in Doha. "I'm responding to those people."
The comments echo those Musk made on Twitter a few days ago, in which he confirmed he would keep supporting and buying Doge. Last month, he said Tesla merchandise could be purchased with Dogecoin, and SpaceX merch would soon be purchasable using the crypto. The tweets sent it up 15%.
Tesla merch can be bought with Doge, soon SpaceX merch too--- Elon Musk (@elonmusk) May 27, 2022
Dogecoin has bounced back slightly to $0.062 since hitting a 15-month low of $0.049 on Saturday. Musk is likely partly responsible for the rise, but Bitcoin and Ethereum have also seen a mild resurgence since the weekend. However, the two cryptos are still at their lowest prices since December 2020 and January 2021, respectively.