Elon Musk is known as the fearless and powerful crypto influencer in the global cryptocurrency market. He is the Dogefather of the popular memecoin, Dogecoin, since its launch in the market. Elon acts as a perfect crypto influencer of Dogecoin to influence the smart decisions of crypto investors as well as manipulate or control the price of the memecoin. Despite facing the whopping lawsuit of US$258 billion regarding Dogecoin, he has not stopped being the crypto influencer. He has proudly mentioned that no matter what happens, Elon will continue to support and purchase Dogecoin in the highly volatile cryptocurrency market.
Elon Musk faced an allegation from one of the investors of Dogecoin that he is engaged in a crypto pyramid scheme for manipulating the price of the memecoin in the market as it has no fundamental value. He has faced a US$258 billion-dollar lawsuit including US$86 billion for compensatory damage as well as US$172 billion for treble damages. Being the Dogefather and the crypto influencer, Elon is said to be controlling the Dogecoin price as per his needs in his companies such as Tesla and SpaceX.
The current price of Dogecoin is US$0.6379 with a market cap of US$8.45 billion and a volume of US$1.08 billion. It was incurring huge losses to crypto investors after the price reached US$0.04972 last week. But Elon Musk's support and tweets have helped the memecoin to gain 11% in the price this week. Thus, it finally reached the list of the top ten cryptocurrencies in the global cryptocurrency market on June 22.
Whether we can call it being loyal or being manipulative for his own good, Elon Musk has not stopped supporting Dogecoin since its launch. Even when he is facing such a US$258 billion lawsuit, he is still adamant to support this memecoin for a long period of time. He even showed his fearless attitude in the case of owning Twitter in 2022. If he wants to achieve anything like visiting Mars, or so, Elon Musk can easily achieve the mission possible efficiently and effectively. His love for Bitcoin and Dogecoin will not fade away any time soon, despite having lawsuit cases under him.
The crypto influencer is highly positive about Dogecoin yielding immense profit to crypto wallets for a long period of time. The volatility concern does not matter in the cryptocurrency market if Elon tweets about it. One tweet has the power to moderate the memecoin price within a short period of time. Crypto investors are highly concerned about the drastic crypto crashes like Bitcoin and stablecoins. But Elon Musk still has a positive attitude in the crypto crash ecosystem where Bitcoin has reached the US$20K level and stablecoins showing instability. Thus, crypto investors must be careful about smart decisions for crypto wallets before following this crypto influencer in the highly volatile cryptocurrency market.
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