Elon Musk: I Will Keep Supporting Dogecoin Despite the $258 Billion Lawsuit

Musk seemed unshaken about the accusation as he doubled down on his love for the Dogcoin ecosystem, tweeting, “I will keep supporting Dogecoin.”

Not even the $258 billion class action lawsuit alleging a cryptocurrency pyramid scheme could stop Elon Musk from publicly demonstrating his continued support for Dogcoin ( DOGE ).

On Thursday, a New York district court received a class action complaint against the world’s richest man Elon Musk and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE. The lawsuit demanded $258 billion in total monetary damages from Musk while requesting the court to rule DOGE trading as gambling in the United States.

The lawsuit, however, did not resonate with the crypto community as entrepreneurs began to ridicule the move. Musk, too, was seemingly unshaken about the allegation as he doubled down on his love for the Dogecoin ecosystem with the above tweet.

On Saturday, Dogecoin creator Billy Markus, who is no longer a part of the project, shared his vision for Dogecoin that goes beyond the hype — recommending the developers focus more on its utility and security. Musk agreed with a “More currency-like” reply to Markus’ suggestion.

Musk further reassured Markus by sharing his openness to use Dogecoin as payment for other services in addition to Tesla and SpaceX merch.

Bad actors trying to cash in on Musk’s success have been found to be releasing deepfake videos promoting cryptocurrency scams.

Musk discovered a faked video on the Internet in which a deepfake was used to parody the entrepreneur in a TED talk. In the video, the deepfake version of Musk was found promoting a cryptocurrency platform that boasts a 30% returns on crypto deposits.