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Dogefather Elon Musk Warns Community Not to Go All in on Crypto

1 min
Updated by Geraint Price
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In Brief

  • Elon Musk advised people to not bet farm on Dogecoin.
  • But Dogecoin remains his favorite cryptocurrency.
  • He likes it for the humor and dogs.
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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.

Dogecoin (DOGE) price chart
Source: BeInCrypto

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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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...