Elon had an Accomplice in Driving Dogecoin price! $258B Lawsuit Takes a Weird Twist

More plaintiffs join the $258 Billion Dogecoin lawsuit against Elon Musk but his support for DOGE unfazed.

Billionaire Elon Musk has always been very vocal about his support for meme coin Dogecoin, and his frequent postings about the cryptocurrency had sent it flying high in the first half of 2021. However, the hype around the cryptocurrency soon died down, taking the price down with it. As expected, some investors were caught in their free will and lost money in the process. One of these investors, identified as Keith Johnson, who had suffered losses from the decline in DOGE's price, had decided to take the fight to the "Dogefather." Johnson had filed a massive $258 billion lawsuit against Elon Musk, accusing the billionaire of promoting a pyramid scheme. Now, the lawsuit has expanded as more plaintiffs have decided to join in.

According to an amended complaint filed on Tuesday night in Manhattan federal court, Musk, his electric car company Tesla Inc (TSLA.O), his space tourism company SpaceX, Boring, and others intentionally drove up the price of Dogecoin more than 36,000% over two years and then let it crash.

Since Musk began promoting the virtual currency, investors have lost around US$86 billion, Johnson estimates, representing the decline in Dogecoin's market value since May 2021. He would like Musk to reimburse dogecoin investors this sum, plus pay double that in damages, i.e. an additional US$172 billion, taking the total lawsuit sum to a whopping US$258 billion.

Taking to Twitter, the richest person in the world wrote, "I will keep supporting Dogecoin." When a Twitter user suggested that if Musk supports it, he should keep buying it, the tech billionaire responded: "I am."

Dogecoin creator Shibetoshi Nakamoto said if Dogecoin is a pyramid scheme so is the entire crypto market, stock market, commodities market, and the monetary system itself. He further went on to say that we should sue Alexander Hamilton, the founder and chief architect of the American financial system.

Nakamoto wrote, "If Dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, commodities market, and monetary system itself. Let's sue Alexander Hamilton." He added, "Cryptocurrency has an incredible amount of stupid stuff around it, but that's all just related to how incredibly stupid people are. Cryptocurrency itself is just a protocol and a shared database."

The current price of Dogecoin is US$0.6297 with a market cap of US$8.35 billion and a volume of US$1.08 billion. It was incurring huge losses to crypto investors after the price reached US$0.04972 a few weeks ago. But Elon Musk's support and tweets have helped the memecoin to gain 3.28% in price this week.

Whether we can call it being loyal or being manipulative for his own good, Elon Musk has not stopped supporting Dogecoin since its launch. Even when he is facing such a US$258 billion lawsuit, he is adamant in supporting this memecoin for a long period of time. He even showed his fearless attitude in the case of owning Twitter in 2022. If he wants to achieve anything like visiting Mars, or so, Elon Musk can easily achieve the mission efficiently and effectively. His love for Bitcoin and Dogecoin will not fade away any time soon, despite having lawsuit cases under him.

The crypto influencer is highly positive about Dogecoin yielding immense profit to crypto wallets for a long time. The volatility concern does not matter in the cryptocurrency market if Elon tweets about it. One tweet has the power to moderate the memecoin price within a short period of time. Crypto investors are highly concerned about the drastic crypto crashes like Bitcoin and stablecoins. But Elon Musk still has a positive attitude in the crypto crash ecosystem where Bitcoin has reached the US$20K level and stablecoins showing instability. Thus, crypto investors must be careful about smart decisions for crypto wallets before following this crypto influencer in the highly volatile cryptocurrency market.

Reasons why Dogecoin is a Good Investment

1. Dogecoin is Decentralised

Dogecoin dipped under the radar before Elon Musk brought it back into the spotlight in 2020.

Since then, many of Dogecoin's original developers returned to improve the Dogecoin code and support the global adoption of DOGE. The key to Dogecoin's success is that anyone can mine DOGE without requiring complex equipment.

Decentralization also has seen hundreds of Dogecoin-supporting projects spring up around the world. The Dogecoin Foundation aims to bring Dogecoin closer to the 1.7 billion unbanked people in the world, through projects like Gigawallet and RadioDoge.

2. Doge is a Fan Favourite

Dogecoin will also remain the first meme-coin in cryptocurrency.

Every new meme-coin project will have to do something increasingly extraordinary to take DOGE's spot – and no one has flipped its market cap to date.

Dogecoin has a huge community with almost 5 million Dogecoin wallets across the world. Dogecoin is the go-to meme-coin for any interested cryptocurrency investor and – crucially – is readily available to buy on most leading exchanges and platforms.

The backing from Elon Musk and investor Mark Cuban has bolstered the Dogecoin community, and will continue to do until the end of 2022 and beyond.

3. Dogecoin Has its Own Blockchain Network

Unlike Shiba Inu and Baby Doge Coin, Dogecoin has its blockchain network.

Transactions on the Dogecoin network are low-cost and far lower than the cost of sending Bitcoin or Ethereum. The blockchain platform is decentralized and protects the uncensored, cryptographic, globally transferable, and scalable features that made crypto a success.

Furthermore, the Dogecoin code continues to be updated by software engineers who are also invested in the network by mining or running DOGE-related projects. Even if the Dogecoin Foundation and other central parties lose interest in Dogecoin, that won't stop others from stepping in to take up the torch.

4. Merchant adoption

Dogecoin is one of the most widely accepted cryptocurrencies by merchants.

Dogecoin is accepted by the BitPay payment service provider, which powers more than big-name 250 companies and stores and thousands of small to medium-sized eCommerce and shopfront businesses.

You can use Dogecoin in shops and marketplaces, to buy Internet services, crypto services, business services, web development services, gaming, for tourism, traveling, and renting as well as to buy from big-name fashion outlets from Gucci and even buy Porsches and real estate from certain US-based companies.

Elon Musk recently announced his Boring Company will accept Dogecoin as payment for rides on its Las Vegas transit system, Loop.