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Tesla and SpaceX CEO Elon Musk's tweets continue to have a noticeable impact on the markets for Dogecoin, the largest "meme coin" by market capitalization. In a tweet on June 19, Musk said "I will keep supporting Dogecoin". Musk's tweets were reflected in the Dogecoin markets very quickly. Only about 5 minutes after the first tweet, the price of DOGE spiked from US$0.052 to US$0.055 and peaked at US$0.062 later in the day amid positive price action displayed by the broader cryptocurrency market. In the tweet thread, one of the individuals suggested to 'keep it buying then', to which Elon Musk replied with an 'I am'.
Further lending support to cryptocurrencies, Dogecoin creator Shibetoshi Nakamoto said, "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." "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", he adds.
When it's Musk controversies are a must. Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla, and SpaceX for US$258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin. In a filing against Musk and his companies, plaintiff Keith Johnson, a U.S. citizen, alleges that Musk and his corporations were "unjustly enriched" by US$86 billion as a result of wire fraud, gambling enterprise, false advertising, and deceptive practices, and other unlawful conduct.
Johnson claims that he and others in the class-action have lost approximately US$86 billion between May 2021 and June 2022 and is demanding that figure in monetary damages along with another US$172 billion in damages and fees.
The lawsuit stated, "Defendant Musk is the self-appointed 'Dogefather,' 'former CEO of Dogecoin,' partner, developer, spokesperson, publicist, salesman, marketer, and promoter of Dogecoin, who assembled the 'Doge Army' including his corporations and various billionaires, influencers, and celebrities to increase the price, market cap and trading volume of Dogecoin."
The Dogecoin cryptocurrency started the meme revolution and has remained the most popular coin on the planet. It has a loyal army of supporters on social media and is widely accepted as a payment currency by many businesses across the globe. The DOGE Token is being widely accumulated by many whale accounts who are taking advantage of the dipping season. Recently, whales accumulated US$31.6 million worth of DOGE in a single day which shows the amount of faith in this meme cryptocurrency. The Dogecoin ecosystem has a history of providing support to various charitable causes. The DOGE Token has seen a strong price rise in the past and could be accumulated for potentially huge gains in the future too.
Dogecoin developers announced the testnet version of the new utility-focused Dogechain offshoot is now open for developers to start building before the mainnet's official launch. "Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions. It uses IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism, supported PoS (proof-of-stake)."
According to the project website, features will include games, non-fungible tokens (NFTs) decentralized finance (DeFi), and other decentralized applications (DApps). DOGE itself will be used as gas to power the new chain which operates as a proof-of-stake mechanism. The new DC native token will be distributed via airdrop to DOGE holders at an unspecified date, with information regarding the snapshot also yet to be announced.
