Famous entrepreneur and Twitter/Tesla CEO Elon Musk recently shared important investment advice regarding his preferred cryptocurrency Dogecoin (DOGE). Musk spoke during a conference hosted by the Wall Street Journal in London. “I do not advise anyone to buy crypto or bet on Dogecoin,” he said. Thus, it provided “enlightening” guidance for the DOGE community. Here are the details…
Elon Musk made a statement about Dogecoin
In a recent interview with the WSJ, Tesla’s CEO said that he cannot advise people to allocate money in the cryptocurrency market. He also touched on Dogecoin, explaining why it is his favorite crypto asset. Elon Musk has had a tumultuous and controversial relationship with the cryptocurrency industry for the past few years, as we reported on Kriptokoin.com. This scope ranges from buying Bitcoin for himself and Tesla to selling parts due to the negative impact of BTC mining on the environment.
However, his support for Dogecoin remained intact. He used almost every opportunity to increase the price and popularity of the asset, whether intentionally or not. Interestingly, despite his cautionary remarks, Musk expressed his continued enthusiasm for Dogecoin. He called it the “best humor” product for Coin. He emphasized his distinctive qualities, such as his relationship with dogs. Musk, the leading supporter of Dogecoin, has frequently tweeted humor and irony in the past years.
Musk has long supported DOGE
He even appeared in a Saturday Night Live sketch in 2021. Here he portrayed a financial expert explaining Dogecoin to the audience. Musk expressed his belief in Dogecoin’s potential to become a legitimate currency. Although Musk’s support played an important role in boosting Dogecoin’s price, it also drew criticism. Some argue that Musk took advantage of his celebrity status to manipulate cryptocurrency prices. Moreover, Musk’s credibility as a serious investor is also questioned. However, Musk continues his support for Dogecoin with determination.
When asked if he still likes cryptocurrencies as a result, Musk told the WSJ that he “does not recommend anyone buy crypto or bet on Dogecoin.” Still, the billionaire added that DOGE is his favorite crypto because he “has the best humor.” He also claimed that the most ironic outcome for global currencies would be for a meme coin created as a joke to become a global currency.
Latest situation in DOGE price
The acquisition of Twitter by Musk last year led to a significant increase in the value of Dogecoin by over 100 percent with expectations that DOGE will be integrated into the platform. In addition, Musk temporarily replaced the Twitter logo with the Dogecoin logo, resulting in a 35 percent increase in its price. The effects of these actions were short-lived. However, the DOGE community is eagerly awaiting further developments from Musk that could bring new benefits to the meme coin.
Speaking of the price of the biggest meme coin, DOGE has dropped 3 percent in the last 24 hours. Despite the meme coin craze that witnessed Pepe’s rise of over 5,000 percent, DOGE failed to rise. It has dropped 9.5 percent in the last 30 days.
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