‘I’m’ Buying-Elon Musk Reveals Surprising Crypto Bet Between $ 2 Trillion Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogcoin Price Decline

BitcoinBTC
Ethereum and other major cryptocurrencies have crashed this year, eliminating nearly $ 2 trillion in combined market capitalization in months.

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Bitcoin prices fell below $ 20,000 per bitcoin this weekend, a milestone Bitcoin first passed before the multi-year bear market hit the end of 2017, and some fears may occur again. Ethereum and the other ten cryptocurrencies are BNBBNB
XRPXRP
solana, cardano and dogecoin have also crashed again.

Now, TeslaTSLA
Billionaire Elon Musk has been hit by a lawsuit this week that backed $ 258 billion in Dogcoin, saying he was still buying a Bitcoin competitor and would continue to support it.

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More from ForbesCrypto Price Futures: When Bitcoin Can See ‘Significant’ Bounce – And Why Ethereum Can Be ‘Troubled’By the way Billy Bombro

Musk, who revealed last year that he supports “dogecoin,” posted to Twitter that he personally owns Dogcoin, Bitcoin and Ethereum, replying to a commenter who said, “Keep buying.”

Last month, Musk’s rocket company SpaceX followed their electric car company Tesla in adopting DogCoin payments, allowing customers to buy goods using DogCoin.

“I’m always diligent about supporting the coin for the right reasons — you find it fun, you appreciate satire and irony, and you think it has potential as a currency – and your companies accept it for business, offer it more.” Marcus, Musk credited it as a reason for “people to love Doogoin.” He replied To Musk’s support statement.

In the wake of last year’s massive Bitcoin, Ethereum and crypto bull run prices, the Joke has repeatedly called Musk – Dogcoin developers to be named “DogCoin CEO” in a Twitter poll in 2019 and adopted the moniker “The Dogfather”. Cryptocurrency in order to “beat down bitcoin hands.”

Crypto rose to the top ten after the price of dogcoin disappeared into relative obscurity last year, helped by other top investors such as Musk and Mark Cuban. The Dogcoin price reached 70 cents before Musk appeared on the comedy sketch show Saturday Night Live and then dropped to just 5 cents, a decrease of more than 90%.

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More from ForbesSignificant warning on Ethereum rival BNB after major Bitcoin and crypto exchange Binance and SEC bombshell hit its priceBy the way Billy Bambro

Earlier this week, Musk and his companies, Tesla and SpaceX, were hit with a $ 258 billion lawsuit, claiming they were part of a gangster scheme to pump up the price of dogcoin.

“[Musk, Tesla and SpaceX] Falsely and fraudulently claiming that DogCoin is a legitimate investment when it has no value, “Keith Johnson wrote in the complaint that” the accused was an American citizen who was defrauded by the Dogcoin Crypto Pyramid scheme. “

“[DogecoinDOGE
is] A scam where ‘great fools’ cheat to buy a coin at a high price, ”the lawsuit read, before listing Musk’s multiple tweets and public statements that have raised the price of Dogcoin in the past 18 months.

In early 2021, Musk sharply increased the price of Bitcoin when it was revealed that Tesla had bought $ 1.5 billion worth of Bitcoin.