Last week, Elon Musk’s legal representatives asked the court to dismiss the lawsuit in the case of the billionaire’s support for the Dogecoin cryptocurrency, which he allegedly carried out for fraudulent reasons. At the beginning of this week, Elon Musk replaced the classic Twitter logo with the symbol of this cryptocurrency, which caused its rate to rise to 30% at the moment.
By the time this news was written, the increase was limited to 29%, but such activity by Musk traditionally raised investor interest in this cryptocurrency, although this time everything looked like a belated and not very successful April Fool’s joke. Recall that the lawsuit in the case of supporting Dogecoin implies that if found guilty, Elon Musk will have to pay $ 258 billion, so the businessman has sufficient motivation to fight for his interests.
Created in 2013 as a joke, Dogecoin periodically received the attention of Elon Musk, now this cryptocurrency is considered the eighth most valuable among the most popular, with a capitalization estimated at more than $13 billion. In December 2021, Musk announced that Tesla would start selling some of the souvenirs for Dogecoin. This had already caused at that moment an increase in its rate by more than 20%. In January, Tesla moved from words to deeds, and the cryptocurrency rate rose by 15%. A certain amount of Dogecoin is still on Tesla’s balance sheet, Elon Musk personally is also the holder of this cryptocurrency.