Elon Musk, the world’s richest man, has thrown his support behind Dogecoin, a cryptocurrency that has seen its value plummet, prompting one investor, Keith Johnson, to initiate a $258 billion lawsuit.
Musk announced this on Twitter on Sunday, adding to his long list of public endorsements for Dogecoin, which he has been supporting on the social media platform since 2019.
Dogecoin, the tenth most valuable cryptocurrency, has lost 66.07 percent of its value year to date, falling to $0.05784 at the time of filing this report, a long cry from the $0.1705 it traded for at the beginning of January.
Dogecoin’s market capitalization has dropped $15.28 billion in the last six months, to $7.67 billion, compared to the $22.95 billion it was believed to have earlier this year.
Following the crash, Johnson sued Musk, Tesla, and SpaceX on behalf of other Dogecoin investors on June 15, claiming that the billionaire shouldn’t be allowed to continue marketing the cryptoasset since it was a fraud.
According to Johnson, Musk and his firms are supporting a pyramid scheme (Dogecoin), which has resulted in a $86 billion loss for investors who put their money into Dogecoin since 2019. He urged the court to force the billionaire to pay $86 billion and $172 billion in compensation to him and other investors for losses on the venture.
Musk, on the other hand, appears unconcerned about the case, stating on Twitter on Sunday, three days after Johnson filed the lawsuit, “I will keep supporting Dogecoin,” and responding to a question from one of his followers, “I am.”
“Dogecoin might be my favorite cryptocurrency,” the billionaire said on April 2, 2019. It’s a lot of fun.”
Musk has already stated that Dogecoin can be used to purchase Tesla and SpaceX merchandise, and he teased last week that more goods may be included.