Elon Musk will continue to support Dogecoin amidst $258bn lawsuit

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Stay up to date with the latest Dogecoin (DOGE) news as it happens

Elon Musk attends The 2022 Met Gala, May 2022 in New York City                                 
Elon Musk attends the 2022 Met Gala in New York City, May 2022 – Photo: Getty Images
                                

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Elon Musk, the CEO of Tesla and SpaceX, has made it clear that he will continue to support Dogecoin while being sued for $258bn (£211bn) for allegedly being “engaged in a crypto pyramid scheme by way of Dogecoin”.

In a brief tweet, Musk simply said: “I will keep supporting Dogecoin.”

The co-creator of Dogecoin, Shibetoshi Nakamoto (real name Billy Markus), responded positively to Musk’s tweet and said: “You’ve always been earnest about supporting the coin for what I consider the right reasons.”

Tesla and SpaceX are also being sued as part of the lawsuit filed in the New York District Court by plaintiff Keith Johnson.

17 June: Musk and his companies sued for $258bn in DOGE ‘pyramid scheme’

Elon Musk, along with his companies Tesla and SpaceX, are all being sued for $258bn (£211bn) for allegedly being “engaged in a crypto pyramid scheme by way of Dogecoin”.

In the federal lawsuit that was filed in the New York District Court, plaintiff Keith Johnson alleges that Musk “used his pedestal as world’s richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement”.

Johnson according to the filing is also representing others who were “similarly situated”. He is requesting $86bn (£70bn) from Musk along with another $172bn (£140bn) in damages and fees.

CEO of Dogecoin

Musk was voted as the CEO of Dogecoin in 2019 via a Twitter poll beating other crypto luminaries such as Vitalik Buterin, co-founder of Ethereum (ETH), Charlie Lee, creator of Litecoin (LTC), and Marshall Hayner, CEO of Metal Pay.

Additionally, his companies have incorporated the meme coin into its everyday business as in January 2022 Tesla announced it accepts dogecoin as payment for the company’s merchandise.

Due to this the court filing states “Defendant Musk is the self-appointed ‘Dogefather,’ ‘former CEO of Dogecoin,’ partner, developer, spokesperson, publicist, salesman, marketer, and promoter of Dogecoin, who assembled the ‘Doge Army’ including his corporations and various billionaires, influencers, and celebrities to increase the price, market cap and trading volume of Dogecoin.”

Trading Dogecoin to be classified as gambling

The lawsuit also demands that trading of Dogecoin should be classified as gambling within New York and federal law.

It also orders Musk and his companies to stop advertising, marketing, or promoting Dogecoin in the future.

15 June: Dogecoin co-creator makes joke prediction for crypto bear market

The co-creator of Dogecoin, Shibetoshi Nakamoto (real name Billy Markus) has jokingly made a prediction about how long the current crypto bear market will last for.

Markus said it would be OK eventually, “just not soon, maybe like four years”.

When one Twitter user said the market is “bound to have a strong bounce eventually”, Markus replied “no, the world economy is dog sh*t”.

14 June: Aliens basketball team’s jerseys now carry Dogecoin logo

The basketball team the Aliens of the BIG3 league has revealed what their jerseys will look like with the Dogecoin logo placed on them.

The BIG3 is a 3-on-3 basketball league founded by Ice Cube (real name O'Shea Jackson Sr) and entertainment executive Jeff Kwatinetz. The league consists of 12 teams whose rosters include both former National Basketball Association (NBA) players and international players.

In April, the BIG3 launched a new ownership model for the league which meant investors could buy tokenised stakes of each of the 12 teams. Each team has 1,000 NFTs in total allocated to it, with 25 Fire NFTs worth $25,000 (£20,551) and 975 Gold NFTs worth $5,000 (£4,108) each.

Bill Lee, a founding member of the MyDoge wallet, a self-custodial wallet for DOGE bought 25 Fire NFT editions of the Aliens.

After this the Aliens announced it will feature MyDoge and Dogecoin on the team’s jerseys as well as at events and broadcasts.

13 June: Dogecoin co-creator makes ‘Squid Game’ crypto prediction 

The co-creator of Dogecoin, Markus has made a crypto prediction regarding the second season of Squid Game via Twitter.

Markus states the second season will feature characters investing in cryptos.

The TV show broke records to become the most successful Netflix production of all time.    

8 June: Dogecoin co-creator sums up crypto market with a GIF 

The co-creator of Dogecoin, Markus has displayed what he thinks of the current crypto market with a GIF via Twitter.

Markus feels this way as the week starting 6 June has seen Bitcoin (BTC) jumping each day, from $29,000 to $31,000 thus far. 

7 June: First ever coffee bought with Dogecoin in Australia 

Dogecoin has been used to buy a coffee in Australia, which has been described as “possibly the first ever coffee bought with DOGE down under!”

Timothy Stebbing, director of the Dogecoin Foundation, a not-for-profit organisation that provides support for the Dogecoin cryptocurrency through development and advocacy, tweeted about the purchase.

He stated how a “casual chat with a local barista in Australia about Dogecoin” led to him paying for his coffee with DOGE.

Using the MyDoge Wallet, a self-custodial Dogecoin wallet, it took less than three minutes to make the purchase with the crypto, Stebbing explained.

1 June: Dogecoin co-creator trades insults with Elon Musk

The Australian software developer Jackson Palmer, co-creator of Dogecoin, and Elon Musk, CEO of Tesla and SpaceX, have traded insults.

In an interview with the online Australian magazine Crikey Palmer called out Musk as a “grifter” and stated he was not a fan of the Tesla CEO.   

The co-creator of Dogecoin explained he has an “interesting past with Elon”. Palmer states years ago he wrote a “bot, a script that would automatically detect if there was a cryptocurrency scam in your Twitter mentions and would automatically report them to the platform.”

Palmer said that he worked with Jack Dorsey, the co-founder and former CEO of Twitter, and its product management team “so that when these reports were submitted, they’d get them instantly”.

According to Palmer, Musk reached out to obtain the script and his reaction to it made it clear to the Dogecoin co-creator “that he didn’t understand coding as well as he made out.”  

Palmer said Musk’s first reaction to it was “How do I run this Python script?” Python script is commonly used for developing websites and software, task automation, data analysis and data visualisation.

The Australian software developer said Musk just sells a “vision in hopes that he can one day deliver what he’s promising, but he doesn’t know that. He’s just good at pretending he knows.”

In regard to Musk and his current attempt to buy Twitter, Palmer said: “The second I heard he was going to make a bid, I thought that he intended to destroy Twitter.”

Musk’s reaction

Musk reacted to Palmer’s comments via Twitter making it clear of what he thinks of these quotes by stating “Jackson Palmer is a tool.”

The SpaceX CEO elaborated by saying “You falsely claimed your lame snippet of Python gets rid of bots” and that his children could write better code when they were 12.   

Musk concluded his point by saying if the script is “so great” then “share it with the world and make everyone’s experience with Twitter better”.

In a Twitter poll back in 2019, Musk was named the unofficial CEO of Dogecoin, beating other crypto luminaries such as Vitalik Buterin, co-founder of Ethereum (ETH), Charlie Lee, creator of Litecoin (LTC), and Marshall Hayner, CEO of Metal Pay.

1 June: Dogecoin code mostly written by BTC developers 

The co-creator of Dogecoin, Markus, has stated via Twitter that “most” of the Dogecoin code was written by BTC developers.

30 May: SpaceX will ‘soon’ accept Dogecoin payments for merchandise

SpaceX will “soon” accept Dogecoin payments for the company’s merchandise.

Elon Musk, CEO of the US spacecraft manufacturer and space transport service provider, tweeted that DOGE will be used for SpaceX merchandise payments in the future.

In January 2022, Tesla the electric vehicle company, of which Musk is also CEO, announced it will accept payment for the company’s merchandise in DOGE.  

25 May: Dogecoin co-creator stopped investing in cryptos in 2013

The co-creator of Dogecoin, Markus, has revealed that he stopped investing in cryptos nearly a decade ago.

When asked on Twitter if he still invests in crypto, Markus replied, “No, not really, I mostly stopped investing in 2013.”

24 May: Dogecoin co-creator showcases dangers of fake NFT tweets

The co-creator of Dogecoin, Markus, has shared a fake Twitter post from US president Joe Biden showcasing the dangers of buying unauthentic non-fungible tokens (NFTs).

The fake Biden tweet reads “It is very easy to fake tweets. Don’t blindly believe things you see on the internet. Buy my NFTs.”

23 May: Dogecoin co-creator calls both crypto and stock market ‘stupid’  

Markus, the co-creator of Dogecoin, has called out both the crypto and stock markets for being “stupid”.

In a Twitter thread, Markus answered the question, “What is the crypto market?” with the reply: “It is like the stock market, except stupid.”

He then went onto say that the stock market is also “stupid” – and that the crypto market is an “under-regulated parody” of the stock market, which is allegedly being manipulated to “make money from retail”. 

18 May: Dogecoin co-creator calls 95% of crypto projects ‘scams’

Dogecoin co-creator Markus tweeted that 95% of crypto projects are “scams and garbage” and most people working within crypto are “a**holes”.    

Markus added that the “only people who are going to react” to his tweet will be “scammers and a**holes”.  

The DOGE co-creator also said, however, that this can be changed and “it starts with you – what you support and how you behave”.

Elon Musk, CEO of Tesla and SpaceX, who is currently in the middle of trying to strike a deal to buy Twitter, responded to Markus’ tweet with a rolling on-the-floor laughing emoji.

Criticism of Terra CEO

The CEO of Terra, Do Kwon, was recently told by Markus to leave the industry, following the collapse and depegging of the Terra blockchain’s stablecoin TerraUSD (UST).  

Via Twitter, Do said he had been on the phone to the Terra community following the collapse of UST. In response, Markus told Do that he should “leave the space forever”.

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