Elon Musk advises not to invest all your money in crypto and Dogecoin

Twitter CEO Elon Musk advises crypto fans not to invest all their savings in crypto and Dogecoin.

Elon Musk warns investors

I do not recommend anyone to buy crypto or invest all their savings in Dogecoin.

—Elon Musk

At the Wall Street Journal’s CEO Council Summit in London, Musk shared this unusual warning. He expressed concern about investors putting all of their savings into cryptocurrencies, especially Dogecoin.

A contradictory attitude

This statement somewhat contrasts with his recent stance on cryptocurrency and Dogecoin.

Elon Musk has openly suggested integrating Dogecoin for payments on Twitter and even accepted DOGE as payment for the Twitter Blue subscription. Originally created as a joke, Dogecoin now has a market cap of $10 billion, earning it a spot in the top 10 cryptocurrencies.

He recently changed the iconic Twitter logo, the “blue bird”, to the Dogecoin logo to emphasize his support for the memecoin. However, Musk’s outspoken support for Dogecoin led to a massive $258 billion lawsuit accusing him of running a pyramid scheme. Musk urged the court in April to dismiss the lawsuit.

In May, he appointed Linda Yaccarino as Twitter’s new CEO, who is also reportedly a proponent of Dogecoin, as well as Shiba Inu.

The price of DOGE

Dogecoin (DOGE) is currently trading above the $0.07 mark. Despite this, there is a risk that amid the continued uncertainty in the crypto market, the coin could fall below the support level. The trading volume has shown a decreasing trend, which may indicate reduced interest among traders.

After Musk’s statement not to invest in Dogecoin, the DOGE price dropped 3%. The 24-hour fluctuation ranged between a low of $0.0713 and a high of $0.0735. Meanwhile, Bitcoin also experienced a drop of more than 2%, with a current trading price of $26,760.

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