Elon Musk seems unfazed by the allegations, reiterating his support for the Dogecoin environment in a tweet that read, "I will keep supporting Dogecoin."
Elon Musk has publicly expressed his continued support for Dogecoin despite a $258 billion class-action lawsuit alleging a crypto pyramid scheme (DOGE).
A class action lawsuit was filed in New York district court on June 16 against Elon Musk, the world's richest man, and his firms, SpaceX and Tesla, over an alleged Ponzi scheme involving DOGE tokens.
The case sought $258 billion in total monetary damages from Musk, as well as a ruling that DOGE trading is considered gambling in the United States.
The lawsuit, on the other hand, did not sit well with the crypto community, with entrepreneurs mocking the move.
Musk, too, appeared unfazed by the allegations, reiterating his support for the Dogecoin ecosystem in the following tweet.
On June 18, Dogecoin creator Billy Markus, who is no longer involved in the project, presented his vision for Dogecoin, which goes beyond the excitement, advising developers to focus more on its usability and security.
To Markus' proposal, Musk concurred with a "More currency-like" response.
Markus was further reassured by the world's richest man's willingness to accept Dogecoin as payment for services other than Tesla and SpaceX merchandise.
Deepfake films advocating cryptocurrency frauds have been discovered by bad actors attempting to profit from Musk's success.
Musk saw a phony video on the internet in which a deepfake was employed to imitate the entrepreneur during a TED Talk.
The deepfake version of Musk was seen in the video touting a cryptocurrency platform that promised 30% returns on cryptocurrency deposits.