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.

Did you enjoy this article? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at

Be sure to follow us on Facebook and Twitter to stay up to date or catch up on all of our podcasts on demand.

While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.