Elon Musk has been a fierce Dogecoin(DOGE) proponent for several years. The Tesla and SpaceX CEO has publicly stated his support for the cryptocurrency allegedly because of its features and capacity to be “fun”.This has led Dogecoin (DOGE) to benefit from a massive surge in popularity as retail investors piled in on the so-called memecoin. This led Dogecoin to experience a rally from below $0.10 to an all-time near $0.75 as part of a Musk-led movement to push it to $1.
Dogecoin bulls failed, and retail suffered massive losses. According to a report from the New York Post, Musk and his companies could face consequences for their alleged participation in promoting Dogecoin.Keith Johnson, a failed DOGE investor, filed a lawsuit against the entrepreneurs and his companies. The plaintiff claims that Musk allegedly defrauded out of his money by running a “Dogecoin Crypto Pyramid Scheme”.
Johnson seeks to “represent a class ofpeople who have lost money in tradingDogecoin” and investors with a similarcase.Johnson seeks a staggering $86 billion in damages, in addition to $172 billion for triple damages, and to prevent Mr. Musk from promoting Dogecoin. The memecoin is accepted as a form of payment to purchase SpaceX and Tesla merchandise.
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