The cryptocurrency meme Dogecoin has surged after Ilon Musk, CEO of Tesla (NASDAQ:TSLA) and SpaceX, expressed support for it, just days after a class action lawsuit was filed against him alleging he manipulated the price of Dogecoin. Both companies and Musk himself have been named as defendants in the suit, Yahoo writes.

According to CoinMarketCap data, Dogecoin has jumped nearly 28% from its low of $0.0492 on Saturday night.

The cryptocurrency has received renewed support from Ilon Musk in addition to the general recovery of cryptocurrencies. The Tesla CEO wrote on Twitter on Sunday morning:

“I will continue to support Dogecoin”.

DOGE’s previous drop over the past 7 days to $0.04972 was due to the general onslaught of the broad cryptocurrency bear market and the lawsuit against Musk.

The class action lawsuit alleges that Musk participated in and profited from manipulating the price of BTC for 3 years. The amount of compensation sought by the plaintiffs is $86 billion and another $172 billion in triple damages from Musk, Tesla, and SpaceX because both he and his companies participated in a “crypto pyramid scheme” by inflating the price of something that has no fundamental value.

The lawsuit also alleges that Musk’s public statements and tweets have a direct impact on DOGE.

Musk has been an influential supporter of Dogecoin since 2019, when he started tweeting (NYSE:TWTR) about digital memo tokens and later authorized the use of cryptocurrencies to buy Tesla products, which did correlate to price increases.

However, he hasn’t always had an exclusively bullish influence on the cryptocurrency market. For example, Musk jokingly referred to them as “hustle” in a parody of the show Saturday Night Alive in May 2021, causing a 40 percent crash in cryptocurrency.

And while Musk hasn’t said anything about Dogecoin on Twitter lately, his joining that company’s board of directors in April also correlated with DOGE’s price rise when he offered to buy Twitter.