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Elon Musk has always been a passionate and avid follower of Dogecoin. His reputation and stature in the global markets have helped him extensively affect the value and popularity of DOGE in the global crypto market. Recently, due to his deep impact on the DOGE price, Musk was being sued by a Dogecoin investor. According to reports, he was being accused of running a pyramid scheme to support DOGE, which is in return drastically affecting the broader crypto market. Nonetheless, Musk has stated that he will continue to support Dogecoin. But what is the reason behind Musk's blind support of crypto?
In a recent interview with Bloomberg, SpaceX CEO Elon Musk has discussed the real reason why he got involved with DOGE in the first place. Musk said that he initially started promoting the adoption of Dogecoin in early 2021 and stated that he generally became more interested in Dogecoin mainly because of his staff. He revealed that it was actually the support and encouragement that he received from the factory workers on the floor that further instigated him to support an affordable cryptocurrency like Dogecoin.
Further, Musk also revealed that he will continue to support and hold Dogecoin, despite being accused of running an alleged scheme to pump the price of the crypto and then eventually dump it in the future. It seems like Musk is an employees' leader and will not back down from his stand, due to some alleged lawsuits.
Currently, the crypto market is in huge turmoil but the prices of meme coins seem to be recovering at a rapid pace. Meme coins are undoubtedly strong investment options, despite their volatility. With Musk continuing to promote the adoption of DOGE, he surely sees some potential in the crypto that analysts tend to look over. It might be a hard call to make to support or not to support a volatile cryptocurrency like Dogecoin, but it seems quite evident that the Dogemaster already has his position decided.
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