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 backs Dogecoin because people who are "not that wealthy" asked him to do so. Dogecoin and other cryptocurrencies have plummeted in recent weeks. Musk has been sued for $258 billion by a plaintiff accusing him of engaging a "pyramid scheme by way of dogecoin cryptocurrency." Elon Musk is a vocal supporter of Dogecoin, and now he has explained exactly why he backs the cryptocurrency.Speaking at the Qatar Economic Forum on Tuesday, Musk said he buys and backs it because people "who are not that wealthy" have asked him to, according to Bloomberg."I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin," Musk said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the forum.