In the last couple of weeks, Elon Musk has been facing lawsuits related to his support in two cryptocurrency coins. Yet despite all odds and legal troubles Dogecoin & Shiba Inu cryptocurrencies have gained momentum again thanks to him.
With the crypto market crashing and many coins seeing significant drops in value, it seemed like it would take a while for them to recover. But to everyone’s surprise, Shiba Inu and Dogecoin started making an uptrend. They are slowly climbing up the price chart.
Many people know Elon Musk for his tweets about cryptocurrencies, and somehow he always manages to impact their prices.
In 2021, the price of Shiba Inu’s cryptocurrency skyrocketed when CEO Elon Musk posted pictures on Twitter showing him with his new puppy. His most recent influence came after he announced that despite an upcoming lawsuit, he would continue supporting Dogecoin.
In recent years, the value of two Shiba Inu coins has risen due in part to Elon Musk’s influence.
Elon Musk, the CEO of SpaceX spoke to clear up any rumors surrounding his recent lawsuits in an interview with Bloomberg.
The lawsuits are claiming Elon Musk and his companies are involved in a scheme surrounding the Dogecoin cryptocurrency.
Keith Johnson filed a lawsuit against Musk and other cryptocurrency executives for their involvement in what he calls “a large-scale pyramid scheme.” He also said that they are part of this group which controls Dogecoin prices while convincing others it’s legitimate investment.
The lawsuit aims to punish Musk with a devastating $258 billion from Johnson, but the CEO previously maintained that he never told other people how they should invest in cryptocurrency.
“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin,” Musk explained. “So I’m responding to those people.”
Elon Musk’s support for Dogecoin was not a fluke. He said his employees asked him to back the crypto-currency.