Tesla CEO once again showed his influence through his latest tweet to the whole crypto industry.
Elon Musk is currently standing at first rank as the richest person in the whole world. He is the owner of huge numbers of tech companies like Tesla, SpaceX etc. Since 5 years, Elon has been active in the crypto industry. Initially, Elon started to promote Bitcoin in 2014 but later in 2021 he said that Bitcoin is not a much better payment option but admitted that it is the best store of value. Since late 2019, Elon started to support Dogecoin as the best payment-supportive blockchain Network because of its efficiency and transaction speed over Bitcoin.
On 19 June was another simultaneous day where Bitcoin touched $17,600 but now it is showing significant recovery, thanks to the tweet of Elon Musk.
Today, Elon took to Twitter and tweeted that he will always support Dogecoin.
After Elon’s tweet, Dogecoin started to show increase in the price from $0.0515 to $0.058. overall Dogecoin showed more than a 13.92% increase. Now the current price of Dogecoin is $0.0572 and this price is 6.2% higher over the last 24 hours.
Elon’s tweet not only worked for Dogecoin but also for the whole crypto industry. Net increment in the price of the majority of the crypto assets can be seen. Where Bitcoin is currently trading at $19,489.
On the other hand, Ethereum again reached $1k+. The net current trade price of Ethereum is $1,036 and this price is 4% high over the last 24 hours’ trade price.
Lawsuit against Elon Musk
Recently Billionaire Keith Johnson filed a lawsuit against Elon Musk. According to the filed lawsuit, Tesla CEO only used his popularity to promote the Dogecoin Ponzi scheme.
Maybe this tweet from Elon is coming as a response to the filed lawsuit. Overall here this tweet is creating huge trust among the Dogecoin lovers.