Tesla and SpaceX CEO Elon Musk warned investors not to put everything on the line when investing in Dogecoin, stating that DOGE is his favorite coin.
At a London conference hosted by The Wall Street Journal, Elon Musk urged investors not to place too much hope on the meme cryptocurrency DOGE. Crypto assets are characterized by high volatility, and such investments can entail risks, the billionaire said. However, he openly admitted that among all digital assets, Dogecoin is especially attractive to him, since this coin is associated with a dog theme and has elements of humor.
“I do not advise anyone to buy cryptocurrency or bet on Dogecoin,” Elon Musk said at the conference.
Dogecoin was created at the end of 2013, becoming the first joke cryptocurrency. However, over time, DOGE gained popularity among traders, and now the coin is one of the ten major cryptocurrencies – DOGE’s market capitalization is almost $10 billion.
It is worth noting that Elon Musk played an important role in increasing the popularity of this cryptocurrency by regularly posting tweets about it, after which the DOGE rate increased significantly. The Dogecoin community also hoped for a strong rise in the coin after Musk’s purchase of the social network Twitter, in the hope that DOGE would be integrated into the platform.
In April, Musk changed the Twitter bird logo to a Shiba Inu dog, after which the DOGE memcoin was created, raising its value to $0.10. However, a few days later, the social network returned the old logo, and the DOGE rate sharply corrected .
