Despite a class action lawsuit filed against him on Thursday, Elon Musk today tweeted his support for Dogecoin. The lawsuit alleges that his actions involving the meme-themed cryptocurrency constituted a Ponzi scheme.
After being encouraged to continue buying Dogecoin by another user, Musk tweeted early today, "I will keep supporting Dogecoin." Musk responded to this with a simple "I am" tweet.
U.S. resident Keith Johnson filed the lawsuit in the Southern District of New York, on behalf of himself and others in a similar position, alleging that Musk and his companies' activities surrounding Doge deceived them.
The case argued that the cryptocurrency's price surge could be traced back to Musk's repeated statements that he was a supporter of the asset, and that investors had therefore lost money as a result of subsequent market shifts.
The complaint outlines Musk's most famous Dogecoin-related tweets after a satirical piece in 2019 aroused his interest in the meme coin. It is alleged in the lawsuit that the value of Dogecoin increased in 2019 after Musk tweeted about it.
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