In the last couple of weeks, SpaceX & Tesla CEO Elon Musk has been facing lawsuits for his support towards Dogecoin and Shiba Inu coins. However, both cryptocurrencies have gained momentum again thanks to him.
The crypto markets have been extremely volatile since last month, with many coins experiencing big drops. Finally, Dogecoin and Shiba Inu are starting to make a small uptrend. It may be slow but it looks like they might finally be coming back up again.
Read also: Dogecoin Advocate Elon Musk Maintains He Never Pushed Others to Invest in Crypto
It seems that Elon Musk has some kind of power over cryptocurrencies. He’s been tweeting about them for years, and somehow his words are still being heard in the crypto world.
The founder of a popular SpaceX company posted pictures on social media showing him holding his new puppy in 2021, which instantly caused Shiba Inu’s price to skyrocket. His most recent influence came after he announced that despite the pending lawsuit, he would still support Dogecoin, and this resulted in an increase for crypto values overall.
Musk’s support for the two Shiba Inu-inspired coins have been influential in raising their values.
In a recent interview with Bloomberg, Elon Musk spoke about the lawsuit.
A lawsuit has been filed against Musk and his companies for involvement with the Dogecoin cryptocurrency.
In a lawsuit, Keith Johnson accused Elon Musk of being part in an illegal scheme that controls Dogecoin prices and handshake arrangements with other cryptocurrency executives and for convincing people that crypto is a legitimate investment.
The lawsuit aims to win $258 billion from Musk, who previously maintained that he never told other people how they could invest in cryptocurrency.
“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin,” Musk explained. “So I’m responding to those people.”
Elon Musk, the CEO of SpaceX shared that his employees have asked him to support Dogecoin. He claims it’s because they believe in its cause that he supports the coin.
Read also: Elon Musk Hits Back on Dogecoin Co-Creator for His Grifter Comments
