Elon Musk confirms he’s accumulating Dogecoin! How did Dogecoin react?

The meme cryptocurrency Dogecoin has set aside its correction and turned green after Tesla CEO Elon Musk confirmed his support for the token.

Elon Musk confirms he’s accumulating Dogecoin! How did Dogecoin react?

In a Twitter post on June 19, Elon Musk confirmed his support for Dogecoin and confirmed that he is still accumulating the meme token despite suffering huge losses.

As a result, at press time, DOGE was trading at $0.056 with gains of around 7% in the last 24 hours. However, the weekly chart has lost over 13% in line with the overall market price action.

DOGE 1-day price chart. Source: CoinMarketCap

Musk faces lawsuit for supporting DOGE

Musk’s confirmation came after his two companies, Tesla and SpaceX, were sued for $258 billion. In a lawsuit filed by an American citizen, Musk is accused of pumping Dogecoin while the billionaire claims the meme was part of a racketeering scheme to support the cryptocurrency.

The lawsuit seeks to prevent Musk and his companies from promoting Dogecoin. Dogecoin’s value soared after Musk voiced support for Dogecoin via his Twitter account. His input pushed DOGE to join the top ten cryptocurrencies by market cap.

In recent months, Dogecoin has mainly traded in the red zone as the hype around meme coins has started to cool. As reported recently, DOGE has lost almost 90% of its value since Musk appeared on Saturday Night Live in May last year. Dogecoin is currently trading at $ 0.05908 with an increase of 3.09%.

Source: Teknolojioku Rss by www.teknolojioku.com.

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