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Renowned entrepreneur and Twitter/Tesla CEO, Elon Musk, recently shared significant investment advice regarding Dogecoin (DOGE), his favored cryptocurrency. During a conference hosted by the Wall Street Journal in London, Musk provided insightful guidance for the DOGE community, stating, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”
Interestingly, despite his cautionary words, Musk expressed his ongoing enthusiasm for Dogecoin, highlighting its distinctive qualities such as “the best humor” and its association with dogs. As a prominent supporter of Dogecoin, Musk has frequently tweeted about the cryptocurrency, often incorporating humor and irony.
He was even featured in a Saturday Night Live sketch in 2021, where he portrayed a financial expert explaining Dogecoin to the audience. Musk has voiced his belief in Dogecoin’s potential to become a legitimate currency.
Musk’s support has pushed Dogecoin higher
Musk’s endorsement has played a significant role in driving up the price of Dogecoin, although it has also attracted criticism. Some argue that Musk leverages his celebrity status to manipulate cryptocurrency prices and question his credibility as a serious investor. Nonetheless, Musk remains steadfast in his support for Dogecoin.
The acquisition of Twitter by Musk led to a substantial surge of over 100% in Dogecoin’s value, with expectations that DOGE would be integrated into the platform. Furthermore, Musk temporarily changed the Twitter logo to that of Dogecoin, resulting in a 35% surge in its price.
While the effects of these actions were short-lived, the DOGE community eagerly awaits further developments from Musk that may bring about new utility and prospects for this beloved meme coin.
Talking about the price of the largest meme coin, DOGE is down by 3% in the last 24 hours. Dogecoin is also down by 9.5% in the last 30 days, despite the meme coin frenzy that witnessed Pepe Coin shoot up by over 5000%.