Lawsuits Have Not Stopped Musk's Dogecoin Support

A ,multi-billion dollar lawsuit won't stop Elon Musk from supporting Dogecoin (DOGE). Musk has been pumping DOGE as far back as 2019, but after the recent collapse and in the height of this crypto winter some investors have mounted a court challenge against Musk over his support for meme coin.

The man behind the lawsuit, Keith Johnson is a Dogecoin investor and has filed a suit against Musk and his companies Tesla and SpaceX. He's asking for $258 billion and claims the billionaire used his position to operate a fraudulent project. The argument is Musk used his influence as the world's richest man to operate and manipulate the DOGE in a Pyramid Scheme fashion for additional profit, exposure and his own amusement.

Musk was pretty quiet during start of crypto winter, but even with this lawsuit Elon has once again become active in the space. Last weekend we heard from the man himself. I wrote about his tweets to buy the dip and the following DOGE and SHIB pump.

Doge prices have come down a bit since the initial pump so agin if prices declines his tweet have trapped more investors... I am torn about the lawsuit because I do think Elon used his influence to gain more wealth and his amusement. On the flip side people need to do their own research and only invest what they are willing to loose. The main issue I have is the 1% have advantages that we don't. They have finical, political and judicial power you and I will never have.

If you don't see that capitalism has you blind and dumb. I hate that these people use their advantages to further themselves when common people are the ones who get hurt. I would like to see some regulation and accountability in the crypto and stock spaces. Stocks are no better than crypto. When you have more money and power than the regulators theres no limit to the corruption.

DOGE has lost a lot of people money It's currently down over 90% on its all-time high, and that's only partly because of the overall market. The fundamentals behind DOGE are that it is a meme coin and makes a joke out of the space. Look at other projects that are looking to create utility or solve issues with legacy systems. No matter how you frame it DOGE will not be a currency of the future. No government will recognize it as a currency because of its meme background. The supply of coins is too high and the underlying tech is not revolutionary when compared to the space. It's one thing for a billionaire to gamble on a project because it's entertaining. It's quite another for retail investors to copy these habits when these same people bills to pay...

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