Elon Musk Says He's Still Buying Dogecoin — and Vows to 'Keep Supporting' It.Elon Musk has declared he will "keep supporting Dogecoin" despite the memecoin's value plunging substantially in the past year — and revealed that he's continuing to buy the cryptocurrency.
The billionaire's posts may have been related to a recent lawsuit that sues him, as well as Tesla and SpaceX, for a whopping $258 billion.
A disgruntled investor alleges Musk played an instrumental role in running a "Dogecoin pyramid scheme" — and contributed to DOGE's downfall by calling it a "hustle" on Saturday Night Live.
That episode aired on May 8, 2021 — the same day that Dogecoin hit a new all-time high of $0.7376 as a manic 18,000% rally came to an end.
At the time of writing, DOGE's current price of $0.06174 marks a 90% drawdown from this peak.
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