Breaking: Elon Musk Asks “Not To Bet On Crypto And Dogecoin”
“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.
Elon Musk Warns Investors of Putting All Money in 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 just gave his current views on crypto on an interview with WSJ
“Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) May 23, 2023
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 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 April, he urged the court to dismiss the lawsuit.
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.
Also Read: US Fed Officials Favor To Hike Rates Over 6%, Is Bitcoin Crash Imminent?
DOGE Price Trading Sideways
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 price 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.
Also Read: Stocks And Crypto May Crash Within Weeks Of Debt-Ceiling Deal; Here’s Why
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
