The market is going deep down but Elon Musk’s love for dogecoin remains unaltered. In fact, it has risen to a certain level that when the market is not doing well, he is buying DOGE cryptocurrency. Certainly, the poor bearish crypto industry now has a market capitalization of $830 billion. The significant price drop in the largest ranking cryptocurrencies is giving major panic attacks among retail and institutional investors.
However, Elon is buying dogecoin again amid the bear market. The news has already surged the meme-based crypto-token prices to 5% in the past 36 hours. In the middle of the crashing market, the Dogefather also ascertained that he will continue to extend his support to Dogecoin (DOGE) regardless of the defying market. On June 19, the SpaceX founder tweeted that he is buying DOGE tokens despite the prevailing conditions in the market.
Although a dogecoin investor has recently filed a $258 billion class-action lawsuit against Elon Musk and his enterprises for allegedly running the ‘Dogecoin Pyramid Crypto Scheme’. According to this Ponzi scheme, Elon Musk along with Tesla and SpaceX were a part of a racketeering group that allegedly raised the prices of dogecoin artificially. Further, the investors added that companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all”.
Musk is supporting Dogecoin ever since its existence and started to extend support on social media platforms when he tweeted “Dogecoin may be my fav cryptocurrency”. Musk is also assertive that one-day Dogecoin will outperform all the high-ranking cryptocurrencies in the market. He also considers Dogecoin is better than Bitcoin for making transactions.
Currently, Dogecoin’s trading is $0.05988 at the time of writing with a 24-hour trading volume of $846,068,241 USD. Whereas the trading volume is 20% less as compared to yesterday’s volume. The total market capitalization is $7.9 billion.