Elon Musk claims that Dogecoin (DOGE) is his favorite crypto due to the humor and dogs. But he warned people should not “bet the farm” on it.
The Tesla CEO’s tweets and actions have considerably affected the price of Dogecoin and similar meme coins. But recently, at the Wall Street Journal’s CEO Council Summit, Musk advised people not to bet big on Dogecoin.
Dogecoin is my Favorite Cryptocurrency: Elon Musk
The entrepreneur said, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin or anything like that. But Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.”
The words from Musk himself should give clarity to investors often aping in on crypto and non-fungible token (NFT) projects. Most projects, particularly meme coins, are hype-based and may fade away with time.
Impact on Price Unexpected
The majority of mentions of Dogecoin by Elon Musk have resulted in wild moves in price. But this time, DOGE is moving in correlation with the broader crypto market.
As of writing, the coin is trading at $0.071, down by about 2.59% in the past 24 hours.
Last month, when Musk replaced the Twitter logo with a DOGE logo, the price surged by more than 20%. Then after a week, Musk restored the original Twitter logo, resulting in DOGE’s price falling by nearly 10%.
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