Elon Musk says he's been supporting Dogecoin in response to people who are 'not that wealthy' asking him to do so

Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020. Susan Walsh/AP
Elon Musk Says He Supports Dogecoin Because People "Not That Rich" Asked Him To.
Dogecoin and other cryptocurrencies have plummeted over the past few weeks.
Musk has been sued for $258 billion by a plaintiff who accused him of running a “pyramid scheme using Dogecoin cryptocurrency.”
Elon Musk is a vocal supporter of Dogecoin, and now he has explained exactly why he supports the cryptocurrency.
At the Qatar Economic Forum on Tuesday, Musk said he's buying and supporting it because people "who aren't as wealthy" have asked him to, according to Bloomberg.
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"I just know a lot of people who aren't that wealthy and have encouraged me to buy and support Dogecoin," Musk said in an interview with Bloomberg News Editor-in-Chief John Micklethwait on the forum. "I answer these people."
Dogecoin often fluctuates based on Musk's comments on it. On Sunday, it surged 8.5% in 24 hours from near-record lows after Musk tweeted that he would continue to support and buy the meme token amid a frenzied cryptocurrency selloff. Last May, Dogecoin crashed when Musk showed up on Saturday Night Live and called it a "rush."
Dogecoin was founded in 2013 as a hoax, but has garnered more investors over the years, thanks in part to tweets from the likes of Musk, Mark Cuban, and Snoop Dogg.
Besides Dogecoin, Musk has also expressed support for other cryptocurrencies. In October, Musk said he owns bitcoin, dogecoin and ether. In January, Tesla started accepting payments in Dogecoin for some goods.
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Last week, Musk was sued for $258 billion by a Dogecoin investor who accused him of engaging in a “pyramid scheme using the Dogecoin cryptocurrency.”
Musk did not immediately respond to a request for comment.
Read the original article on Business Insider
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