Elon Musk’s consistent support for the Dogecoin and Shiba Inu cryptocurrencies mean that they’ve experienced a sudden increase in popularity. Although he himself is facing lawsuits over it, the momentum seems to be back again with more people investing and trading them recently.
Since last month’s crypto market crash, many of the most beloved coins have seen significant drops. Finally, other coins like Shiba Inu and Dogecoin have started making an uptrend with a slow climb up on their prices chart.
Though Musk is known for tweeting about various cryptocurrencies through the years, his messages have managed to impact their prices.
Shiba Inu’s price has been influenced by the words of the SpaceX CEO, which helped it survive through crypto decline. His most recent influence came after he wrote that he would still support Dogecoin despite a pending lawsuit, resulting in a surge just like many other coins.
It’s not hard to see why Musk’s support for these two Shiba Inu coins has been influential in raising their values.
In a recent interview with Bloomberg, Elon Musk cleaned up some misunderstandings surrounding his lawsuits.
A lawsuit has been filed against Musk and his companies for their involvement with a scheme surrounding the Dogecoin cryptocurrency.
Keith Johnson has accused Musk of being part in a large-scale pyramid scheme that controls Dogecoin prices and convincing others to invest their money into cryptocurrency.
Johnson is seeking compensation for his losses due to Musk’s actions. He claims that the SpaceX CEO told others about investing in cryptocurrency, which caused him significant financial damages. But Musk maintains he never urged anyone to invest.
“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 can be traced to his employees asking him to do so.