Elon Musk, Tesla and SpaceX were recently sued for promoting the memecoin Dogecoin (ticker: DOGE). Musk allegedly used the popular cryptocurrency for Ponzi fraud and will have to pay back a huge sum to DOGE investors if he loses the case. But on Twitter, he declares that he continues to support the token.
Short but sweet tweet about Dogecoin
In a tweet he simply stated this morning ‘I will continue to support Dogecoin’. He is known for often sending simple, even meaningless tweets into the world. But often it turns out that his tweets are incredibly thoughtful. So he has in 2018 brought the US SEC on its neck by tweeting that all shares of Tesla (TSLA) would be taken offline. Rather, that seemed to be a way of getting investors who short were on Tesla to stop.
Later wrote he in a tweet that he and his then girlfriend their newborn son XÆA-12 Musk have mentioned. That sounds like an absurd joke, but it is really true. If Elon says he will continue to support Dogecoin, then you need a lawsuit to prevent that.
Bigger plans for DOGE?
It’s no secret that Musk is a critic of central bank policies. In fact, he has openly stated that cryptocurrencies are superior to fiat currencies. You may wonder if he really has serious plans with Dogecoin, but in any case, it is rarely smart to gamble against the serial entrepreneur and billionaire. If he says something, chances are he really means it.
Musk is not the creator of Dogecoin, but he clearly has a big finger in the pie. That could mean that the supply of Dogecoin tokens eventually ‘hard” if he asked the developers to.
Earlier this year, news broke that Elon wanted to buy Twitter. Now we know that he wants to enable payments with DOGE. He would like to do the same with the products in the SpaceX fan shop and Starlink.
At the time of writing, the price of dogecoin is one of the hardest risers. That probably has in part to do with Musk’s tweet.