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Despite a large class action lawsuit – Elon Musk is sticking to his support for Dogecoin (DOGE)

 


Even a $258 billion class action lawsuit hasn't stopped the influential entrepreneur Elon Musk from publicly campaigning for the Dogecoin ( DOGE ).


On June 16, a class action lawsuit was filed in a New York court against the world's richest man and his companies SpaceX and Tesla, alleging that Musk's advocacy for the DOGE promoted a fraudulent pyramid scheme. As a result, the plaintiffs are demanding a total of USD 258 billion in damages from the defendant, and efforts are to be made to ensure that trading Dogecoin in the USA is classified as gambling in the future.



The crypto community reacted to the strange lawsuit with ridicule and malice, and Musk does not seem particularly impressed by the project either, because the prominent entrepreneur has now completely freely confirmed in a subsequent tweet that he will continue to "support the Dogecoin" in the future ( see above).


Yesterday, however, its former founder Billy Markus - who no longer works on the project - admitted that there is also justified criticism of the DOGE. So far, the father of the cryptocurrency has had too much mere hype and speculation in play, which is why he hopes that the developers will create real added value in the future.


Elon Musk, in turn, responded to this suggestion by suggesting that the Dogecoin needs to become more like an actual currency. The entrepreneur added that the joke cryptocurrency could be integrated even more extensively with Tesla and SpaceX as a means of payment in the future.


Even if Musk himself is not involved in fraudulent activities, there are always scammers who want to capitalize on the Dogecoin fan's reputation and high-profile communication.



Musk recently advertised a fake video in which he allegedly advertises a fraudulent crypto trading platform. Shortly afterwards he himself contradicted this.

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