The cryptocurrency market is currently facing a different storm. Crypto enthusiasts are well aware of Dogecoin. What started as a joke, the value of this currency has increased and decreased rapidly. Especially after the promotion of Tesla CEO Elon Musk, its value had increased. A Dogecoin investor has sued Musk and his companies for $258 billion (about Rs 20,136 billion). A man named Keith Johnson filed a case against Musk with Tesla and SpaceX on Thursday.
The person says that he has lost money after investing in Dogecoin. Keith Johnson has described himself as an ‘American citizen with whom fraud happened’ if they believe that in the name of investment in cryptocurrencies, the ‘Dogecoin Crypto Pyramid Scheme’ has been fraud with them.
Loss on Investment in Crypto
The investor has called his investment in Dogecoin cryptocurrency and sinking that money into fraud. In this case, he has filed a case against Elon Musk in New York Court.
According to Johnson, he has been investing in Dogecoin since 2019 and has suffered a loss. According to the investor, since promoting Musk, he has lost $ 86 billion.
He wants this money back from Musk. Not only this money, but Johnson is also separately demanding twice the amount of his loss, which is an additional $ 172 billion. That is a total of 258 billion dollars.
Dogecoin’s Value is Falling
.Dogecoin was launched in 2013. The creators created it by mixing bitcoin cryptocurrency and Shiba Inu dog meme. As a result, the currency’s value increased significantly in 2021. However, at the moment, the importance of this cryptocurrency has reached 6 cents.
Johnson says Musk has increased the price, market cap, and trading value of the Dogecoin cryptocurrency through his promotion. The investor has kept Musk’s tweets in his complaint. Musk made these tweets about Dogecoin. The investor has described Dogecoin as a pyramid scheme.