© Courtesy of BenzingaElon Musk's love for Dogecoin (CRYPTO: DOGE ) is no secret. Every time Millionaire and Dogefather tweet about the meme coin, its value increases.
On June 16, 2022 , a class action lawsuit accused Musk of running a cryptocurrency scheme, also known as a Ponzi scheme, using Dogecoin.
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“It's not gold or other precious metals or anything like that. It cannot be eaten, raised or worn. Dogecoin does not generate cash flow. It does not pay interest or dividends. Compared to other cryptocurrencies, there is no particular utility. It is not part of the New Internet or the Metaverse. It is not based on or related to anything of value," reads the introduction to the case.
After the test, the value of DOGE increased by 80% from $0.050 to $0.090. This means that a $100 investment in DOGE will now be worth $180 when deposited.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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