- Musk advises users to not bet the farm on Dogecoin.
- The Tesla CEO is well-known for his DOGE tweets that often cause price surges.
Elon Musk, the CEO of Twitter and Tesla, has shared interesting investment advice regarding his favorite cryptocurrency, Dogecoin (DOGE). In one of his recent conferences in London hosted by the Wall Street Journal, Musk shared some insightful advice on Dogecoin for the DOGE community. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”
Interestingly, even though he advised the community, he also stated that Dogecoin is still his favorite crypto. Citing the reasons, Musk stated that Dogecoin stands apart for “the best humor” and “it has dogs.”
Elon Musk is a well-known supporter of Dogecoin. Musk has repeatedly tweeted about Dogecoin, often with humorous or ironic comments. In 2021, he appeared on Saturday Night Live and hosted a sketch in which he played a financial expert who was trying to explain Dogecoin to the audience. Musk has also said that he believes Dogecoin has the potential to become a “legitimate currency.”
Musk’s support for Dogecoin has been credited with helping to drive up the price of the cryptocurrency. His support has also been criticized by some people. Some argue that Musk is using his celebrity status to manipulate the price of cryptocurrency and that he is not a serious investor. Despite the criticism, Musk has continued to support Dogecoin.
Dogecoin surged by over 100% when Twitter was acquired by Elon Musk. This was likely due to the anticipation that DOGE would be incorporated into Twitter. Additionally, Musk changed the Twitter blue-bird logo to that of Dogecoin. The move caused the price of Dogecoin to surge by over 35% at the time.
Even though these were short-lived moves, the community is still anticipating a robust move from Musk that would create a new-born utility for the king of meme coins.