Elon Musk Still Loves Dogecoin but Advises Against Going All In
Despite his affection for Dogecoin, Elon Musk remains cautious about the cryptocurrency and advises users not to invest excessively.
Elon Musk Still Loves Dogecoin but Advises Against Going All In
Speaking at the CEO Summit hosted by The Wall Street Journal in London, Tesla CEO Elon Musk reiterated his fondness for Dogecoin due to its humor and the iconic Shiba Inu dog. However, the billionaire cautioned the public against investing too heavily in the meme coin.
“I don’t advise anyone to buy cryptocurrencies like Dogecoin. Don’t lose your wisdom and overcommit to Dogecoin,” Musk stated.
This indicates Musk's recognition of the risks associated with Dogecoin and his view that it is not an opportunity that should be pursued recklessly.
When asked about Dogecoin's failure to reach its all-time high from 2021, the Twitter CEO remained optimistic:
“A friend of mine once said that the most improbable things often happen. Similarly, something created as a joke can become a widely accepted and used currency globally.”
Following Musk’s comments, the Dogecoin meme coin experienced a slight drop of nearly 3%. As of the time of writing, DOGE is trading around $0.07, showing minimal movement compared to the previous 24 hours.
1-hour chart of DOGE/USDT on Binance as of 01:20 PM on 25/05/2023
Dogecoin was created in 2013 by a group of engineers who chose the cute Shiba Inu dog as its mascot. Initially intended as a satire of Bitcoin, Dogecoin has garnered significant support and promotion from billionaire Elon Musk over the years, including:
- The statement “Dogecoin is a more useful payment method than Bitcoin” and integrating DOGE payments for some Tesla products.
- A surprising switch of Twitter’s blue bird logo to Dogecoin’s Shiba Inu, though it was quickly reverted.
- Publicly holding DOGE in his investment portfolio alongside Bitcoin and Ethereum.
Under the “invisible hand” of the Dogefather, it’s hard to imagine that what started as an obscure joke has now become the 10th largest cryptocurrency by market cap. Recently, Binance CEO even expressed surprise at Dogecoin’s enduring presence.
