'I Will Keep Supporting Dogecoin,' Said Elon Musk One Summer— Here's How Much DOGE Has Gained Since Then

Elon Musk, the CEO of Tesla and SpaceX, has been quiet on the topic of Dogecoin DOGE/USD since his last mention in April 2023, where he said he would “pay a million Dogecoin” as reward for proof of the existence of an emerald mine that has been attributed to his family.

What Happened: Earlier on June 19, 2022, Musk reassured his support for the meme cryptocurrency DOGE with a tweet: “I will keep supporting Dogecoin." 

Musk’s endorsement came shortly after an investor hit him with a lawsuit, accusing him of inflating the value of Dogecoin as part of a so-called ‘Dogecoin Crypto Pyramid Scheme',

Reacting to a suggestion to continue buying Dogecoin in the same Twitter thread, Musk replied, “I am”.

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Why It Matters: The lawsuit in question was instigated by Keith Johnson, a Dogecoin investor who alleged that Musk was instrumental in running a ‘Dogecoin Crypto Pyramid Scheme,’ causing financial losses not only to himself but potentially to many others since 2019. Johnson has filed for this to be recognized as a class-action lawsuit in a New York court.

Bitcoin soared above the $64,000 mark, driving positive sentiment across the crypto landscape, Dogecoin’s price rose to the $0.10 threshold.

According to Yahoo Finance, Dogecoin’s market price reached at $0.060 on the date of Musk’s supportive tweet in 2022. Today, Dogecoin has seen its value rise to $0.12, which means a 100% increase since then.

Dogecoin stands as the 10th largest cryptocurrency, with recent market capitalization figures showing $18.3 billion.

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