Musk's tweets come amid a recent class-action lawsuit filed against him for allegedly running a "Ponzi pyramid scheme." According to a Bloomberg report, Musk is allegedly part of a fraud group that allegedly pumped the price of the Doge.
The lawsuit added that Musk and his companies "falsely and deceptively stated that dogecoin was a legitimate investment when it was of no value at all."
Billy Markus, who co-founded Dogecoin and is no longer involved in the project, also tweeted his views on Doge. Markus says he wants to see people working to enhance Doge's utility and security.
here is my desire for dogecoin:
– people actually use it for something beyond pump and dump bullshit so it has a reason to exist
– the community understands what crypto is and what the crypto market is and knows that it’s all kinda dumb and has fun with it
that’s about it
— Shibetoshi Nakamoto (@BillyM2k) June 17, 2022
Markus later responded to Musk's tweet, agreeing with the fact that Musk has always played a key role in providing utility for Dogecoin.
This isn't the first time Musk's tweets have impacted doge's price. Musk has previously publicly tweeted in support of the doge cryptocurrency when announcing that he would accept doge payments for some of his Tesla merchandise. Similarly, Musk also asserted that he believes Dogecoin is better than Bitcoin in terms of trading, pushing doge's price up one notch.
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