Elon Musk Reassures DOGE of Support to Deliver DOGE and SHIBA Gains

Elon Musk, a longtime supporter of Dogecoin (DOGE), was once again in the news this week. The entrepreneur behind Tesla Inc. and SpaceX doesn't seem to have been deterred much by a $258 billion lawsuit from promoting the joke currencies.

Elon Musk, in contrast to many others, has taken action; Tesla Inc. and SpaceX now accept DOGE and SHIB as payment for merchandise.

Keith Johnson, a cryptocurrency investor, sued Elon Musk, SpaceX, and Tesla Inc. last week for endorsing DOGE despite Musk's steadfast backing.

Johnson claimed that the defendants had conned him out of money and referred to the meme coin as a "Dogecoin Crypto Pyramid Scheme."

Defendants "falsely and fraudulently claim that Dogecoin is a legal investment when it has no value at all," Johnson continued.

Investors "who have lost money investing in DOGE since April 2019" are the ones Johnson seeks to represent.

Despite Musk's silence over the case, he has vowed to continue to support DOGE during this crypto winter.

Elon Musk Provides Support for DOGE and SHIB

News of Elon Musk responding to requests to reiterate his support for DOGE broke overnight.

Musk reacted to inquiries about the cryptocurrency market and the recent devastation while speaking to Bloomberg at the Qatar Economic Forum.

Musk made it clear that he never advocated for cryptocurrency investments. Additionally, he pointed out that Musk, Tesla Inc., and SpaceX all purchased little quantities of bitcoin (BTC) in comparison to their cash holdings.

"I want to personally support Dogecoin," Musk stated. "I just know a lot of individuals who are not that affluent who have pushed me to buy and support Dogecoin - so I'm reacting to those folks."

Musk allegedly said, "They've requested me to support Dogecoin, therefore I'm doing so," in response to requests for support from his firms' employees.

Shiba Inu (SHIB) accompanied DOGE (+9.50 percent), restoring the majority of June's losses, as Musk spoke of his support for DOGE. SHIB increased by 31.20 percent on Tuesday.