Cryptocurrency values have been on an upward trajectory recently, with Dogecoin and Shiba Inu being two of the more popular ones. There is a lot to talk about in this regard as well; one example would be how Elon Musk supports both coins even though he is currently facing a lawsuit.
The coins that were once considered collateral damage in the crypto market crash are starting to make an uptrend, slowly climbing up from their recent lows, including Dogecoin and Shiba Inu, the two coins Musk has a certain level of affinity for.
It seems that Musk has been able to affect the prices of various cryptocurrencies through his tweets.
Read also: With a Case Filed Against Him, Elon Musk Reminds People He Never Told Them to Invest
With the rise of social media, many people are becoming more aware and interested in cryptocurrencies. One such person is SpaceX CEO Elon Musk. Who has been vocal about his support for Dogecoin over Bitcoin. Since it was create to make fun of the mainstream coins. All this exposure helped push up its value which allowed investors like myself to buy coins cheaper.
The demand for Shiba Inu-themed coins is high because of Musk’s support.
Elon Musk, SpaceX CEO and founder of Tesla spoke to Bloomberg in an interview about the lawsuits against him. In it, he cleared up any confusion surrounding recent events.
The lawsuits are claiming that Musk and his companies are involved in a scheme surrounding the Dogecoin cryptocurrency.
Keith Johnson filed the lawsuit against Elon Musk, claiming that he’s partaking in a large-scale pyramid scheme with his companies. He said the SpaceX CEO convinced him and others that cryptocurrency should be recognized as an investment opportunity. Also not just some random gaming coin.
The lawsuit aims to recover $258 billion from Musk, who previously maintained that he never told other people how they should invest their money.
“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, CEO of SpaceX shared that his employees asked him to support Dogecoin.
Read also: Dogecoin Value Plummets Further a Year After Elon Musk’s SNL Appearance