Elon Musk, at least at one point the world’s richest man, has issued a grim warning about the original meme cryptocurrency, Dogecoin (DOGE).
Speaking at the Wall Street Journal’s CEO Council Summit in London on May 23, the eccentric billionaire cautioned investors not to allocate all their money to DOGE. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” Musk posited.
Despite this warning, the Tesla/SpaceX CEO reaffirmed that Dogecoin remains his favourite crypto in the entire digital currencies market because “it has the best humor and has dogs”. Musk also noted that the most ironic outcome for global currencies would be if a meme coin created merely as a joke emerged as the global currency. As you are well aware, DOGE was invented as a joking tribute to the “doge” meme of a Shiba Inu dog. The idea was to poke fun at the largest and oldest crypto asset, Bitcoin.
Musk’s History Of Endorsing And Pumping Dogecoin
Musk is known for manipulating the price of dogecoin in the past through his intriguing remarks, actions, and Twitter posts. The self-proclaimed “Dogefather” even planned to bring DOGE to space with a SpaceX satellite launch. Dogecoin developers have also revealed in the past that Chief Twit Musk actually sat in on development calls as they discussed how they would revamp the meme coin.
The entrepreneur still owns dogecoin, along with Bitcoin and Ethereum, according to his tweets from March last year. Musk even 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, the social media giant he overpaid for ($44 billion). However, DOGE’s integration has not yet materialized, leaving fans in a state of great disappointment.
Early last month, Musk replaced Twitter’s classic blue bird logo with a sprite of DOGE, triggering a 25% spike in the token’s price — only to remove the Dogecoin logo days later.
Dogecoin dropped sharply today after Musk said not to put life savings in DOGE. The OG meme coin was down 2.8% at the time of writing, trading for $0.071, according to CoinGecko data.
DOGE is currently trading 90.25% lower than its May 2021 all-time high of $0.73.
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