Elon Musk, the well-known CEO of Tesla and a prominent dogecoin (DOGE) advocate, has issued a warning regarding investing in the memecoin. During a speech at The Wall Street Journal’s CEO Council Summit, Musk stressed to be cautious when it comes to buying crypto, and dogecoin in particular, despite his own fascination with the token.
Elon Musk and dogecoin
Musk had a major influence on the price of dogecoin in 2021 with his Twitter messages. The value of this coin his all-time high shortly before the CEO appeared on Saturday Night Live. More recently, Musk had temporarily changed the Twitter logo to the well-known Shiba Inu mascot. The love for dogecoin comes, in their own words, because it is “funny” and because it “has a dog as a logo.”
Elon Musk warns investors
Despite his enthusiasm for dogecoin, Musk warns attendees not to overinvest in crypto. At The Wall Street Journal event, Musk explicitly states:
“I do not advise anyone to buy crypto or bet everything on dogecoin.”
The comment indicates that Musk recognizes the potential risks of investing in cryptocurrency. His ruling may be influenced by his influence on the market. Historically, DOGE’s price has reacted strongly to Musk’s statements. In addition, he has come into conflict with the US Securities and Exchange Commission (SEC) in the past. Musk was then fined for influencing Tesla’s share price with a tweet.
Influence on the dogecoin price?
The fact that Dogecoin still exists and has reached such a large size has taken many people by surprise. Earlier, Changpeng Zhao, the CEO of Binance, expressed his surprise at Dogecoin’s continued presence. Musk’s endorsement and public support for this memecoin have undoubtedly contributed to its survival and continued relevance within the crypto world. Now that the South African entrepreneur seems to be taking some distance, it remains to be seen what this may mean for DOGE.
