Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market
The bitcoin price has this weekend fallen below $20,000 per bitcoin, a milestone bitcoin first passed in late 2017 before falling into a multi-year bear market that some fear could be about to happen again. Ethereum and other top ten cryptocurrencies BNB
Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious
“I will keep supporting dogecoin,” Musk, who last year revealed he personally owns dogecoin, bitcoin and ethereum, posted to Twitter, repling to one commentor that told him to “keep buying” it, “I am.”
Last month, Musk’s rocket company SpaceX followed his electric car company Tesla in adopting dogecoin payments, allowing customers to buy merchandise using dogecoin.
“You’ve always been earnest about supporting the coin for what I consider the right reasons—you find it amusing, appreciate the satire and irony, and you think it has potential as a currency—and your companies accept it for merch, giving it more utility,” dogecoin co-creator Billy Markus, who Musk has credited as being one of the reasons that “people love dogeoin,” replied to Musk’s statement of support.
As last year’s huge bitcoin, ethereum and crypto bull run pushed prices to blistering highs, Musk—who was voted “dogecoin CEO” in a joke Twitter poll in 2019 and adopted the moniker “The Dogefather”—repeatedly called on dogecoin developers to upgrade the cryptocurrency in order to “beat bitcoin hands down.”
The dogecoin price rocketed into the crypto top ten last year after fading into relative obscurity, helped by Musk and other high-profile investors such as Mark Cuban. The dogecoin price peaked at over 70 cents ahead of Musk’s appearance on the comedy sketch show Saturday Night Live and has since collpased to just 5 cents, down more than 90%.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
Earlier this week, Musk and his companies Tesla and SpaceX were hit with a $258 billion lawsuit claiming they are part of a racketeering scheme to pump the dogecoin price.
“[Musk, Tesla and SpaceX] falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all,” Keith Johnson, described as “an American citizen who was defrauded out of money by defendants’ dogecoin crypto pyramid scheme,” wrote in the complaint.
In early 2021, Musk sent the bitcoin price sharply higher when it was revealed Tesla had bought $1.5 billion worth of bitcoin.
This news is republished from another source. You can check the original article here