“I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” said Tesla and Twitter CEO Elon Musk during a virtual conference hosted by the Wall Street Journal.
Musk also agreed that he remains a fan of Dogecoin meme coin, saying “Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.” However, he isn’t suggesting that anyone should put their life savings on crypto or Dogecoin.
During the Wall Street Journal’s CEO Council Summit in London, Elon Musk shared a rare piece of advice for investors to avoid putting all their money on crypto or Dogecoin. Elon Musk advising crypto enthusiasts and Dogecoin fans is slightly in contrast to his recent stance on crypto and Dogecoin.
Elon Musk hinted at integrating Dogecoin for payments on Twitter and even accepting DOGE as payment for the Twitter Blue subscription. Dogecoin created as a joke now has a market capitalization of $10 billion, entering the top 10 cryptocurrencies.
He even changed the iconic Twitter logo from “blue bird” to the Dogecoin logo recently to show his support for the meme coin. However, Musk’s massive support for Dogecoin caused a $258 billion racketeering lawsuit accusing him Musk of running a pyramid scheme.
In May, he appointed Linda Yaccarino as the new Twitter CEO, who is believed to be also a supporter of dogecoin as well as Shiba Inu.
DOGE continues to trade above the $0.70 level, with risks of falling below the support level amid uncertainty in the crypto market. The trading volume has also decreased, indicating a decline in interest among traders.
DOGE fell 3% after Musk said not to invest in Dogecoin, with the price currently trading at $0.071. The 24-hour low and high are $0.0713 and $0.0735, respectively. Bitcoin price also fell over 2% at the same time, with the price currently trading at $26,760.
