Elon Musk, at least at one point the world’s richest man, has issued a dire warning about the original meme cryptocurrency, Dogecoin (DOGE).
The eccentric billionaire speaking at The Wall Street Journal’s CEO Council Summit in London on May 23 warning Investors should not allocate all their money to DOGE. “I’m not advising anyone to buy cryptocurrency or bet the farm on Dogecoin,” Musk said.
Despite this warning, the CEO of Tesla/SpaceX confirmed that Dogecoin remains his favorite crypto in the entire digital currency market because “it has the best humor and dogs”. Musk also noted that the most ironic outcome for global currencies would be if a meme coin emerged as a global currency only as a joke. As you well know, DOGE was invented as a joking homage to the “Doge” meme of the Shiba Inu dog. The idea was to poke fun at the biggest and oldest crypto asset, Bitcoin.
Musk’s history of backing and pumping Dogecoin
Musk has been known to manipulate the price of Dogecoin in the past through his interesting comments, actions and Twitter posts. The self-proclaimed “Dogfather” also had plans to get DOGE into space with a SpaceX satellite launch. The Dogecoin developers have also revealed in the past that Chief Executive Officer Twit Musk actually sat in on development calls as they discussed how they would improve Mem Coin.
entrepreneur still owns dogecoin, along with bitcoin and ethereum, according to his tweet from March last year. Musk also bought some DOGE for his youngest son X Æ A-Xii in 2021.
There was speculation that the Tesla boss would soon integrate a permanent Dogecoin payment system on Twitter, with the social media giant paying over $44 billion. However, the integration of DOGE has not yet materialized, much to the disappointment of fans.
Earlier last month, Musk replaced Twitter’s classic blue bird logo with a sprite of DOGE, boosting the coin’s price by 25% — only to remove the Dogecoin logo a few days later.
Dogecoin declined sharply today after Musk said not to put his life savings into DOGE. According to data from CoinGecko, OG Meme coin was down 2.8% at the time of writing, trading at $0.071.
DOGE is currently trading down 90.25% from its May 2021 all-time high of $0.73.