Musk unfazed by the allegations, reiterating his support for the Dogecoin community

Tesla and SpaceX boss Elon Musk has finally spoken up about his favorite meme coin, indicating that he would continue to support the meme inspired cryptocurrency, dogecoin, launched as a joke in 2013.

He tweeted about the digital coin, saying, "I will keep supporting dogecoin," after wishing everyone on Twitter a happy Father's Day and expressing his love for his children.

As the crypto bear market continues, Bitcoin and Ethereum are down 30% in the last week, bringing the total crypto market capitalization to $830 billion.

DOGE jumped 8% to $0.058 as a result of Musk's decision to keep supporting the currency.

Musk has been Dogecoin's most high-profile supporter since 2019. Decrypt revealed in May 2021 that Dogecoin engineers had been in direct communication with Musk regarding code improvements he wanted implemented.

Musk publicly expressed his ongoing support for Dogecoin despite a $258 billion class-action lawsuit claiming a cryptocurrency pyramid scheme (DOGE).

 The lawsuit was filed on Thursday in New York district court against Musk and his firms, SpaceX and Tesla, for allegedly misleading young investors.  The case sought $258 billion in total compensatory damages from Musk, as well as a ruling that DOGE trading is considered gambling in the U. S.

The lawsuit, on the other hand, did not sit well with the crypto community, with entrepreneurs mocking the action. Musk, too, seems unfazed by the allegations, reiterating his support for the Dogecoin community.

Dogecoin inventor Billy Markus, who no longer associates with the currency, presented his vision for Dogecoin, which extends beyond the excitement, advising developers and investors to concentrate more on its usability and security.

Musk has lately campaigned for the usage of DOGE for transactions, which might turn the joke cryptocurrency into a real commodity. He stated frequently during his recent purchase of Twitter that one of the first things he'd install is Dogecoin tipping (Twitter presently only allows Bitcoin tipping) and the adoption of DOGE as payment for paid services like Twitter Blue.

Despite the fact that Dogecoin never reached Musk's price objective, the token did reach an all-time high of about 74 cents, according to CoinGecko statistics. From early January to the end of May the memecoin soared a stunning 7,000 percent to its all-time high. It's just been five months. This propelled Dogecoin into the top ten cryptocurrencies in terms of market valuation, a feat that many believe would not have been achievable without Musk's help.

With a market value of $7.3 billion and a price of around 5 cents, Dogecoin is presently ranked 10th. Dogecoin is not exempt from the cryptocurrency market's recent selloff, as the token is down 16 percent in the previous seven days.