Dogecoin received popularity and adoption only recently, despite existing in the market for longer than most popular cryptocurrencies. Over the last couple of years, DOGE caught the eye of GenZ, millennials, and anyone interested in crypto. Elon Musk, one of the wealthiest in the world, became a cheerleader and contributed vastly to spiking the adoption rate of DOGE. After making its presence felt in the market, DOGE was stuck in terms of value. Musk remained an ardent supporter of the asset and was now being questioned about its price. Is it fair?
The crypto market and volatility go hand in hand. The highly volatile market has witnessed several surges that have turned many into millionaires. Meanwhile, strong dumps have also resulted in people losing millions at once. Banking on the same, an individual decided to label Dogecoin a pyramid scheme and accused Musk of engaging in it.
These speculations led to a lawsuit against Musk for a whopping $258 billion. Musk received support from the Doge community, and even the co-founder of the meme currency presented cases of other things that could be a pyramid scheme.
Billy Markus, who also goes by Shibetoshi Nakamoto, took to Twitter and called out the recent lawsuit. He noted how the entire crypto market, the stock market, and the housing market, including the monetary system itself, might be a pyramid scheme if Dogecoin was one.
He jokingly added, suing the Founder Father of the United States, Alexander Hamilton.
Elon Musk and Dogecoin a forever thing?
Several community members shared their opinion about the whole event. Some focused on the asset’s price, unable to hit the $1 milestone; others were optimistic about Musk’s support of Dogecoin. Yet, the community expressed confusion suggesting that Musk wouldn’t want to be associated with the token anymore.
As expected, Musk stood his ground and persisted in his support for the OG meme crypto. He took to Twitter to affirm the same,
The community was relieved seeing this, and Dogecoin noted nearly a 6% hike in its value. DOGE was changing hands at $0.0585 at press time.