Dogecoin (DOGE) saw turbulent trading throughout the weekend after tech entrepreneur Elon Musk tweeted that he will “keep supporting [d]ogecoin.”
On Sunday morning, Dogecoin soared from 5 cents to over 5.8 cents. In the early hours of Monday, the cryptocurrency reached a high of 6.3 cents. Musk’s tweet comes on the heels of a lawsuit against him, Tesla, and SpaceX.
According to a report from Bloomberg, the $258 billion lawsuit alleges Musk and companies of being involved in a racketeering conspiracy with the Dogecoin cryptocurrency. Keith Johnson filed the complaint, claiming that the parties were all involved in a large-scale pyramid scheme to control the price of Dogecoin while also convincing people online that it was a legitimate and sound investment. The case was filed in the Southern District Court of New York in Manhattan on June 16.
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